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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The High Court held that the reopening of assessment u/s 147 did not violate the provisions of Section 148A. The respondents provided the petitioners an opportunity of being heard as specified in the order. The court found that the impugned orders mentioned the non-genuine accommodation entries made by Shri Ashok Kumar Gupta through various firms controlled by him, including M/s Kalki Trading Company and M/s Swastik Traders. The petitioners admitted transactions with these firms, involving the purchase and sale of commodities on the same day, indicating paper transactions. The court opined that the impugned orders u/s 148A(d) did not violate Section 148A, and the transactions being bogus, the petitioners' contentions regarding sale and not purchase lost their effect. The impugned orders did not fall within the exceptions settled by the Supreme Court in Godrej Sara Lee case.
The High Court held that the reopening of assessment u/s 147 did not violate the provisions of Section 148A. The respondents provided the petitioners an opportunity of being heard as specified in the order. The court found that the impugned orders mentioned the non-genuine accommodation entries made by Shri Ashok Kumar Gupta through various firms controlled by him, including M/s Kalki Trading Company and M/s Swastik Traders. The petitioners admitted transactions with these firms, involving the purchase and sale of commodities on the same day, indicating paper transactions. The court opined that the impugned orders u/s 148A(d) did not violate Section 148A, and the transactions being bogus, the petitioners' contentions regarding sale and not purchase lost their effect. The impugned orders did not fall within the exceptions settled by the Supreme Court in Godrej Sara Lee case.
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