Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
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Assessee's petition dismissed. HC held seizure of jewelry stock u/s 132A valid. Itemized stock register not furnished by assessee to authorities' satisfaction. Net weight of seized jewelry differed from closing stock. Difference in valuation of seized jewelry and bills produced. Ongoing assessment proceedings to determine tax liability. Factual disputes regarding stock register and seized quantity to be considered in assessment. Opportunity given to assessee u/s 131 to explain source of gold. Seizure u/s 132A after due approval. Stock register present but not matching jewelry items/bills. Seizure justified at this stage, compulsory proceedings to follow. Assessee's remedies during assessment proceedings. Argument that stock-in-trade cannot be seized u/s 132(1)(iii) rejected. Seeking quashment of proceedings u/ss 131/132 citing lack of 'reasons to believe' rejected.
Assessee's petition dismissed. HC held seizure of jewelry stock u/s 132A valid. Itemized stock register not furnished by assessee to authorities' satisfaction. Net weight of seized jewelry differed from closing stock. Difference in valuation of seized jewelry and bills produced. Ongoing assessment proceedings to determine tax liability. Factual disputes regarding stock register and seized quantity to be considered in assessment. Opportunity given to assessee u/s 131 to explain source of gold. Seizure u/s 132A after due approval. Stock register present but not matching jewelry items/bills. Seizure justified at this stage, compulsory proceedings to follow. Assessee's remedies during assessment proceedings. Argument that stock-in-trade cannot be seized u/s 132(1)(iii) rejected. Seeking quashment of proceedings u/ss 131/132 citing lack of 'reasons to believe' rejected.
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