Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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HC set aside both assessment and rectification orders, finding no statutory basis for computing tax on 40% of total turnover as taxable transactions within Bihar state. The petitioner had already shown specific gross turnover in annual returns. Court directed petitioner to appear before Assessing Officer with supporting documentation on December 20, 2024. Assessing Officer must provide hearing opportunity and complete reassessment either on same date or subsequent date with proper acknowledgment from assessee or authorized representative. Matter requires fresh assessment based on actual turnover data rather than arbitrary percentage calculations.
HC set aside both assessment and rectification orders, finding no statutory basis for computing tax on 40% of total turnover as taxable transactions within Bihar state. The petitioner had already shown specific gross turnover in annual returns. Court directed petitioner to appear before Assessing Officer with supporting documentation on December 20, 2024. Assessing Officer must provide hearing opportunity and complete reassessment either on same date or subsequent date with proper acknowledgment from assessee or authorized representative. Matter requires fresh assessment based on actual turnover data rather than arbitrary percentage calculations.
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