Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
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.
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