Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
Scientific research association approval requires continuing SIRO status, annual donation reporting, and donor certificates for the approved foundatio...
Scientific research institution approval is conditional on SIRO recognition, annual donation reporting, donor certification, and prescribed compliance...
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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.
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