Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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...
Formation of belief by the Assessing Officer that income has escaped assessment is the crux of the reopening provision. The reasons recorded must be based on tangible material, evident from the reading of the reasons, constituting the mandatory requirement of Section 147. Assessments cannot be reopened merely on suspicion; the Assessing Officer must have "reason to believe" that income has escaped assessment, different from merely having a reason to suspect. In this case, there is no "close nexus" or "live link" between tangible material and the reason to believe income has escaped assessment. Information received from the Investigating Unit cannot be the sole basis; the Assessing Officer must take further steps, make inquiries, and gather material indicating income has escaped assessment before forming the belief. The Assessing Officer has not acquired any material to form such belief, lacking even a line of reason justifying the belief's formation. Consequently, the reopening does not satisfy the legal requirements of Sections 147 & 148. Thus, the reassessment proceedings are set aside, decided in favor of the assessee.
Formation of belief by the Assessing Officer that income has escaped assessment is the crux of the reopening provision. The reasons recorded must be based on tangible material, evident from the reading of the reasons, constituting the mandatory requirement of Section 147. Assessments cannot be reopened merely on suspicion; the Assessing Officer must have "reason to believe" that income has escaped assessment, different from merely having a reason to suspect. In this case, there is no "close nexus" or "live link" between tangible material and the reason to believe income has escaped assessment. Information received from the Investigating Unit cannot be the sole basis; the Assessing Officer must take further steps, make inquiries, and gather material indicating income has escaped assessment before forming the belief. The Assessing Officer has not acquired any material to form such belief, lacking even a line of reason justifying the belief's formation. Consequently, the reopening does not satisfy the legal requirements of Sections 147 & 148. Thus, the reassessment proceedings are set aside, decided in favor of the assessee.
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