Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The HC quashed the reopening notice for AY 2015-16. The AO mechanically reopened assessment without independent application of mind, merely relying on information from DGIT about alleged non-genuine derivative trades. The assessee had disclosed profits from futures/options trading which were accepted in regular assessment. Reopening based on change of opinion that such profits were from derivatives is impermissible. The AO failed to form an independent reasonable belief of income escaping assessment after examining assessee's records. Mere borrowed satisfaction from third-party information cannot justify reassessment without verifying assessee's specific facts.
The HC quashed the reopening notice for AY 2015-16. The AO mechanically reopened assessment without independent application of mind, merely relying on information from DGIT about alleged non-genuine derivative trades. The assessee had disclosed profits from futures/options trading which were accepted in regular assessment. Reopening based on change of opinion that such profits were from derivatives is impermissible. The AO failed to form an independent reasonable belief of income escaping assessment after examining assessee's records. Mere borrowed satisfaction from third-party information cannot justify reassessment without verifying assessee's specific facts.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
