Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
Page of 4803
Press 'Enter' after typing page number.
621 to 640 of 96047 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The crux of the matter revolves around the validity of reassessment proceedings initiated by the Assessing Officer (AO). The critical issue is whether there existed any new 'tangible material' or fresh 'information' in the possession of the AO to justify reopening the assessment u/s 147 of the Act. The Tribunal, after examining the Supreme Court's judgment in Kelvinator of India Ltd. and the assessee's own case, concluded that there was no new 'tangible material' or fresh 'information' available with the AO. Consequently, the Tribunal held that if the AO assumes jurisdiction u/s 147 without such material or information, it would render the reassessment proceedings a nullity, liable to be set aside. Additionally, the Tribunal noted that the Revenue had an opportunity to invoke issues u/s 263 before reopening but failed to do so. Based on these considerations, the Tribunal decided in favor of the assessee and set aside the reopening proceedings.
The crux of the matter revolves around the validity of reassessment proceedings initiated by the Assessing Officer (AO). The critical issue is whether there existed any new 'tangible material' or fresh 'information' in the possession of the AO to justify reopening the assessment u/s 147 of the Act. The Tribunal, after examining the Supreme Court's judgment in Kelvinator of India Ltd. and the assessee's own case, concluded that there was no new 'tangible material' or fresh 'information' available with the AO. Consequently, the Tribunal held that if the AO assumes jurisdiction u/s 147 without such material or information, it would render the reassessment proceedings a nullity, liable to be set aside. Additionally, the Tribunal noted that the Revenue had an opportunity to invoke issues u/s 263 before reopening but failed to do so. Based on these considerations, the Tribunal decided in favor of the assessee and set aside the reopening proceedings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
