Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Reopening of assessment challenged on grounds that Assessing...
Reopening notice invalid, income already considered in regular assessment. General info insufficient reason. Mechanical sanction, no application of mind.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Reopening of assessment challenged on grounds that Assessing Officer had already considered entries related to Long/Short Term Capital Gains/Losses, Unsecured Loans, Share Premium, Bogus Gains, Contrived Losses during regular assessment. Court held that since AO had considered issue during regular assessment, impugned notice u/s 148 for reopening based on general information received from investigation wing regarding script Kaushal Limited was not valid. Reasons recorded did not disclose particular income escapement. Impugned notice issued without application of mind and sanction granted mechanically. Notice based on information already considered during regular assessment, hence quashed and set aside in favor of assessee.
Reopening of assessment challenged on grounds that Assessing Officer had already considered entries related to Long/Short Term Capital Gains/Losses, Unsecured Loans, Share Premium, Bogus Gains, Contrived Losses during regular assessment. Court held that since AO had considered issue during regular assessment, impugned notice u/s 148 for reopening based on general information received from investigation wing regarding script Kaushal Limited was not valid. Reasons recorded did not disclose particular income escapement. Impugned notice issued without application of mind and sanction granted mechanically. Notice based on information already considered during regular assessment, hence quashed and set aside in favor of assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
