Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
The High Court held that merely because the income u/s 115JB is more than the proposed addition regarding income escaping assessment as stated in the reasons recorded, once the entire assessment is reopened, the Assessing Officer can examine other aspects. Therefore, it cannot be said that the reopening exercise would be futile. The Assessing Officer, after considering information about share price fluctuations of Kushal Ltd. on Money Control, concluded that the assessee had indulged in generating non-genuine gains by trading in Kushal Script on BSE during the year under consideration. However, even if the proposed addition is made for income escaping assessment, there would not be any taxable income after the proposed addition, considering the income taxed u/s 115JB. Consequently, the High Court ruled that no fruitful purpose would be served by continuing the reassessment proceedings.
The High Court held that merely because the income u/s 115JB is more than the proposed addition regarding income escaping assessment as stated in the reasons recorded, once the entire assessment is reopened, the Assessing Officer can examine other aspects. Therefore, it cannot be said that the reopening exercise would be futile. The Assessing Officer, after considering information about share price fluctuations of Kushal Ltd. on Money Control, concluded that the assessee had indulged in generating non-genuine gains by trading in Kushal Script on BSE during the year under consideration. However, even if the proposed addition is made for income escaping assessment, there would not be any taxable income after the proposed addition, considering the income taxed u/s 115JB. Consequently, the High Court ruled that no fruitful purpose would be served by continuing the reassessment proceedings.
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