Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
Scientific research association approval requires continuing SIRO status, annual donation reporting, and donor certificates for the approved foundatio...
Scientific research institution approval is conditional on SIRO recognition, annual donation reporting, donor certification, and prescribed compliance...
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The case pertains to the reopening of assessment u/s 147/148 of the Income Tax Act due to undisclosed cash deposits in the assessee's bank accounts. The key points are: The Assessing Officer (AO) had sufficient information to believe that the assessee's income had escaped assessment, justifying reopening u/s 147. The existence of tangible material forming the AO's belief is relevant, not its sufficiency at the reopening stage. The assessee did not file a return of income or participate in the reassessment proceedings. The assessee failed to explain the source of cash deposits. The Tribunal admitted additional evidence filed by the assessee regarding peak cash credits, requiring verification by lower authorities. The matter was remanded to the CIT(A) for readjudication on merits, as both assessment and appellate proceedings were ex-parte. The mandate is to bring the correct income to tax in the hands of the correct assessee for the correct assessment year.
The case pertains to the reopening of assessment u/s 147/148 of the Income Tax Act due to undisclosed cash deposits in the assessee's bank accounts. The key points are: The Assessing Officer (AO) had sufficient information to believe that the assessee's income had escaped assessment, justifying reopening u/s 147. The existence of tangible material forming the AO's belief is relevant, not its sufficiency at the reopening stage. The assessee did not file a return of income or participate in the reassessment proceedings. The assessee failed to explain the source of cash deposits. The Tribunal admitted additional evidence filed by the assessee regarding peak cash credits, requiring verification by lower authorities. The matter was remanded to the CIT(A) for readjudication on merits, as both assessment and appellate proceedings were ex-parte. The mandate is to bring the correct income to tax in the hands of the correct assessee for the correct assessment year.
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