Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT adjudicated a case involving reopening of assessment under section 147, addressing two primary legal issues. First, regarding notice issuance post-1-04-2021, the tribunal held that prior approval from the competent authority under section 151 was mandatory. The AO's notice was deemed invalid as procedural requirements were not strictly followed. Second, concerning share transaction allegations, the tribunal ruled against revenue, determining that reassessment proceedings constituted a change of opinion since all material was previously examined during original assessment. The tribunal found the reopening of assessment invalid, effectively deciding in favor of the assessee and against revenue's claims of bogus share transactions.
ITAT adjudicated a case involving reopening of assessment under section 147, addressing two primary legal issues. First, regarding notice issuance post-1-04-2021, the tribunal held that prior approval from the competent authority under section 151 was mandatory. The AO's notice was deemed invalid as procedural requirements were not strictly followed. Second, concerning share transaction allegations, the tribunal ruled against revenue, determining that reassessment proceedings constituted a change of opinion since all material was previously examined during original assessment. The tribunal found the reopening of assessment invalid, effectively deciding in favor of the assessee and against revenue's claims of bogus share transactions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
