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...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Page of 4788
Press 'Enter' after typing page number.
421 to 440 of 95749 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Assessment u/s 147 versus 153C - choice of correct course of assessment. The assessee's name featured in the list of beneficiaries of accommodation entries by way of share capital premium/loan. The Assessing Officer did not record a satisfaction note or forward it to the assessee's Assessing Officer, failing to satisfy the conditions for reopening assessment u/s 153C. Recourse to Section 147 based on information received by the Investigation Wing was not precluded. The search in Jain Brothers' case was conducted on 14.09.2010. Section 153C(1) then allowed assessment/reassessment of income u/s 153C only if assets, documents, or books belonged to the person other than the searched person. On 12.03.2013, when the Assessing Officer received information, reassessment u/s 153C was impermissible. The amendment by Finance Act, 2015, applicable to searches before 01.06.2015, did not impact this case. The jurisdictional condition for the Assessing Officer to assume jurisdiction u/s 153C was not satisfied, aligning with Abhisar Buildwell (P.) Ltd. The appeal is allowed, and the assessee's appeal is restored before the ITAT for consideration on other grounds.
Assessment u/s 147 versus 153C - choice of correct course of assessment. The assessee's name featured in the list of beneficiaries of accommodation entries by way of share capital premium/loan. The Assessing Officer did not record a satisfaction note or forward it to the assessee's Assessing Officer, failing to satisfy the conditions for reopening assessment u/s 153C. Recourse to Section 147 based on information received by the Investigation Wing was not precluded. The search in Jain Brothers' case was conducted on 14.09.2010. Section 153C(1) then allowed assessment/reassessment of income u/s 153C only if assets, documents, or books belonged to the person other than the searched person. On 12.03.2013, when the Assessing Officer received information, reassessment u/s 153C was impermissible. The amendment by Finance Act, 2015, applicable to searches before 01.06.2015, did not impact this case. The jurisdictional condition for the Assessing Officer to assume jurisdiction u/s 153C was not satisfied, aligning with Abhisar Buildwell (P.) Ltd. The appeal is allowed, and the assessee's appeal is restored before the ITAT for consideration on other grounds.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
