Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
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...
The High Court held that the reopening of assessment u/s 147 by the Assessing Officer (AO) was without jurisdiction and amounted to a mere change of opinion. The issue of unsecured loans availed by the petitioner from Phulchand Export Pvt. Ltd. was scrutinized during the regular assessment proceedings, and the AO was satisfied with the details provided by the petitioner. The mere fact that Phulchand Export Pvt. Ltd. incurred losses cannot be grounds to doubt the creditworthiness and genuineness of the unsecured loan. Once an issue is scrutinized during regular assessment, the same issue cannot be considered for reopening the assessment, as it would amount to a change of opinion. The impugned notice was held to be issued without jurisdiction, and the decision was in favor of the assessee.
The High Court held that the reopening of assessment u/s 147 by the Assessing Officer (AO) was without jurisdiction and amounted to a mere change of opinion. The issue of unsecured loans availed by the petitioner from Phulchand Export Pvt. Ltd. was scrutinized during the regular assessment proceedings, and the AO was satisfied with the details provided by the petitioner. The mere fact that Phulchand Export Pvt. Ltd. incurred losses cannot be grounds to doubt the creditworthiness and genuineness of the unsecured loan. Once an issue is scrutinized during regular assessment, the same issue cannot be considered for reopening the assessment, as it would amount to a change of opinion. The impugned notice was held to be issued without jurisdiction, and the decision was in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
