Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
The ITAT examined the validity of an assessment order under sections 153A and 153D. The Tribunal found critical procedural irregularities in the approval process, specifically noting that the approval was granted on the same day as the draft and final assessment orders, without clear evidence of substantive examination. The approval was deemed invalid due to lack of proper application of mind, rendering the entire assessment order void ab initio. Regarding shares held as stock-in-trade, the Tribunal ruled that shares purchased in the regular course of business are not subject to taxation under section 56(2)(viia), emphasizing that the provision was intended to prevent tax evasion, not to tax legitimate business transactions. Consequently, the Assessee's appeal was allowed.
The ITAT examined the validity of an assessment order under sections 153A and 153D. The Tribunal found critical procedural irregularities in the approval process, specifically noting that the approval was granted on the same day as the draft and final assessment orders, without clear evidence of substantive examination. The approval was deemed invalid due to lack of proper application of mind, rendering the entire assessment order void ab initio. Regarding shares held as stock-in-trade, the Tribunal ruled that shares purchased in the regular course of business are not subject to taxation under section 56(2)(viia), emphasizing that the provision was intended to prevent tax evasion, not to tax legitimate business transactions. Consequently, the Assessee's appeal was allowed.
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