Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
Personal hearing requirements in GST adjudication were satisfied by prior opportunities and written submissions; appellate limitation received writ-pe...
Reopening of assessment after four years is invalid as the recorded reasons do not mention any failure by the assessee to fully and truly disclose all material facts necessary for assessment. This is covered by the Supreme Court's decision in Canara Bank, where reopening beyond four years was held bad in law when the AO did not allege non-disclosure of material facts. Similar view in ACIT vs Virbac Animal Health India, dismissing the SLP against the High Court order that reopening after four years due to change of opinion was invalid. Regarding bogus purchases, the entire sales turnover is reflected in books, considered for profit determination, and subjected to taxation. VAT returns and output tax paid support the transactions. The assessee provided materials showing the goods purchased were sold to a company, which further sold them to contractors for a thermal plant project. The AO examined these purchase-sale details during original assessment but found no defects. Based on merits and legal aspects, the reassessment initiated after four years without pointing out non-disclosure of material facts, and the addition for bogus purchases, are unjustified and invalid. Decided in favor of the assessee.
Reopening of assessment after four years is invalid as the recorded reasons do not mention any failure by the assessee to fully and truly disclose all material facts necessary for assessment. This is covered by the Supreme Court's decision in Canara Bank, where reopening beyond four years was held bad in law when the AO did not allege non-disclosure of material facts. Similar view in ACIT vs Virbac Animal Health India, dismissing the SLP against the High Court order that reopening after four years due to change of opinion was invalid. Regarding bogus purchases, the entire sales turnover is reflected in books, considered for profit determination, and subjected to taxation. VAT returns and output tax paid support the transactions. The assessee provided materials showing the goods purchased were sold to a company, which further sold them to contractors for a thermal plant project. The AO examined these purchase-sale details during original assessment but found no defects. Based on merits and legal aspects, the reassessment initiated after four years without pointing out non-disclosure of material facts, and the addition for bogus purchases, are unjustified and invalid. Decided in favor of the assessee.
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