Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
The HC held that the Assessing Officer's (AO) reopening of assessment under Section 147 was invalid. The AO's notice under Section 148A(d) exceeded the scope of original information, which suggested potential escaped income. The Assessee provided satisfactory explanations regarding TCS collection, cash deposits during demonetization, and time deposits. The court found no substantive evidence to support the reopening of assessment, thus setting aside the impugned notice and order. The decision emphasizes procedural fairness and the need for precise jurisdictional basis when reassessing tax liabilities.
The HC held that the Assessing Officer's (AO) reopening of assessment under Section 147 was invalid. The AO's notice under Section 148A(d) exceeded the scope of original information, which suggested potential escaped income. The Assessee provided satisfactory explanations regarding TCS collection, cash deposits during demonetization, and time deposits. The court found no substantive evidence to support the reopening of assessment, thus setting aside the impugned notice and order. The decision emphasizes procedural fairness and the need for precise jurisdictional basis when reassessing tax liabilities.
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