Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Assessee claimed higher cost of acquisition of shares during assessment proceedings, leading to lower capital gains computation. CIT(A) rejected the claim, relying on Goetze (India) Ltd. judgment. However, Karnataka High Court held that CIT(A) has power to consider fresh claims, even if not made in original/revised return. Matter restored to AO to examine assessee's entitlement to higher cost of acquisition of Rs. 184.09 per share after affording reasonable opportunity. Assessee's appeal allowed for statistical purposes. Relevant legal principles on appellate authorities' jurisdiction to entertain fresh claims and cost of acquisition determination discussed.
Assessee claimed higher cost of acquisition of shares during assessment proceedings, leading to lower capital gains computation. CIT(A) rejected the claim, relying on Goetze (India) Ltd. judgment. However, Karnataka High Court held that CIT(A) has power to consider fresh claims, even if not made in original/revised return. Matter restored to AO to examine assessee's entitlement to higher cost of acquisition of Rs. 184.09 per share after affording reasonable opportunity. Assessee's appeal allowed for statistical purposes. Relevant legal principles on appellate authorities' jurisdiction to entertain fresh claims and cost of acquisition determination discussed.
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