Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Exemption scheme or policy cannot be applied retrospectively. Petitioner purchased a hybrid vehicle and paid applicable tax before the exemption policy was introduced. Although vehicle was registered after policy date, tax payment occurred earlier. Supreme Court precedent mandates strict interpretation of exemption notification eligibility criteria. Petitioner ineligible for tax refund under the exemption policy since tax was paid prior to policy introduction. High Court dismissed petition seeking refund direction as no case was made out.
Exemption scheme or policy cannot be applied retrospectively. Petitioner purchased a hybrid vehicle and paid applicable tax before the exemption policy was introduced. Although vehicle was registered after policy date, tax payment occurred earlier. Supreme Court precedent mandates strict interpretation of exemption notification eligibility criteria. Petitioner ineligible for tax refund under the exemption policy since tax was paid prior to policy introduction. High Court dismissed petition seeking refund direction as no case was made out.
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TaxTMI 
TaxTMI 
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