Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
HC invalidated reassessment notice under s.147 as time-barred and lacking new material evidence. AO's attempt to reopen assessment was based on existing records previously disclosed during s.143(3) assessment, where assessee had furnished complete details regarding Chapter VI-A deductions. Court held no failure by assessee in material fact disclosure. Reopening constituted mere change of opinion as AO relied on already available information without new tangible material, which is legally impermissible. Revenue's reexamination of existing records cannot form basis for reassessment beyond limitation period. Assessment notice quashed.
HC invalidated reassessment notice under s.147 as time-barred and lacking new material evidence. AO's attempt to reopen assessment was based on existing records previously disclosed during s.143(3) assessment, where assessee had furnished complete details regarding Chapter VI-A deductions. Court held no failure by assessee in material fact disclosure. Reopening constituted mere change of opinion as AO relied on already available information without new tangible material, which is legally impermissible. Revenue's reexamination of existing records cannot form basis for reassessment beyond limitation period. Assessment notice quashed.
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