Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
The High Court quashed the impugned notice u/s 148 for reopening of assessment. It held that since the petitioner had not directly received any remittances from the DSNE CGHS, there was no occasion for the petitioner to make a disclosure in its Return of Income. Consequently, the reason to believe for invoking Section 147 for reassessment was unsustainable. However, the Court left it open to the respondents to initiate proceedings afresh, if otherwise permissible in law.
The High Court quashed the impugned notice u/s 148 for reopening of assessment. It held that since the petitioner had not directly received any remittances from the DSNE CGHS, there was no occasion for the petitioner to make a disclosure in its Return of Income. Consequently, the reason to believe for invoking Section 147 for reassessment was unsustainable. However, the Court left it open to the respondents to initiate proceedings afresh, if otherwise permissible in law.
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TaxTMI 
TaxTMI 
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