Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
The HC held that the Assessing Officer could not reopen the assessment for AY 2013-14 merely relying on information from the insight portal without forming an independent opinion based on the assessee's records. The assessee had disclosed and offered to tax the loss from F&O transactions, which was scrutinized and accepted during regular assessment. Reopening on the same issue amounts to a change of opinion, which is impermissible. The reopening lacked tangible material and application of mind, rendering it invalid. The Court decided in favor of the assessee.
The HC held that the Assessing Officer could not reopen the assessment for AY 2013-14 merely relying on information from the insight portal without forming an independent opinion based on the assessee's records. The assessee had disclosed and offered to tax the loss from F&O transactions, which was scrutinized and accepted during regular assessment. Reopening on the same issue amounts to a change of opinion, which is impermissible. The reopening lacked tangible material and application of mind, rendering it invalid. The Court decided in favor of the assessee.
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