Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
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 
