Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
The High Court held that the reassessment proceedings initiated by the Assessing Officer based on an audit objection were invalid. The Court observed that the Assessing Officer could not have assumed jurisdiction by relying on the audit objection, which was contrary to the facts and evidence on record, especially when the department had previously accepted and granted depreciation on the goodwill claimed by the assessee for earlier years. The Court emphasized that even though an audit objection can be considered as "information" for reopening an assessment u/s 148 of the Act, the Assessing Officer cannot merely reiterate the audit objection while ignoring the facts of the case and the assessee's reply filed u/s 148A(b).
The High Court held that the reassessment proceedings initiated by the Assessing Officer based on an audit objection were invalid. The Court observed that the Assessing Officer could not have assumed jurisdiction by relying on the audit objection, which was contrary to the facts and evidence on record, especially when the department had previously accepted and granted depreciation on the goodwill claimed by the assessee for earlier years. The Court emphasized that even though an audit objection can be considered as "information" for reopening an assessment u/s 148 of the Act, the Assessing Officer cannot merely reiterate the audit objection while ignoring the facts of the case and the assessee's reply filed u/s 148A(b).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
