Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Reassessment proceedings initiated u/ss 148/148A were held invalid as the fundamental premise of the Revenue that investments made by the Foreign Portfolio Investor in shares amounted to "income" escaping assessment was flawed. The funds remitted in India were used for subscription in securities, a Capital Account Transaction, and no income was earned in the relevant Assessment Year. The discrepancy in share prices was not mentioned in the notice u/s 148A(b), violating principles of natural justice as the assessee did not get an adequate opportunity to reply. The foundational material alone is relevant for evaluating the invocation of reassessment powers, and the Revenue cannot raise fresh grounds while passing the order u/s 148A(d). The reasons recorded for issuing the notice u/s 148 were unsustainable, and the impugned notices and consequential order were quashed.
Reassessment proceedings initiated u/ss 148/148A were held invalid as the fundamental premise of the Revenue that investments made by the Foreign Portfolio Investor in shares amounted to "income" escaping assessment was flawed. The funds remitted in India were used for subscription in securities, a Capital Account Transaction, and no income was earned in the relevant Assessment Year. The discrepancy in share prices was not mentioned in the notice u/s 148A(b), violating principles of natural justice as the assessee did not get an adequate opportunity to reply. The foundational material alone is relevant for evaluating the invocation of reassessment powers, and the Revenue cannot raise fresh grounds while passing the order u/s 148A(d). The reasons recorded for issuing the notice u/s 148 were unsustainable, and the impugned notices and consequential order were quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
