Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
ITAT held that reopening of assessment u/s 147 beyond 3 years is impermissible when tax evasion does not exceed Rs. 50,00,000. Relying on precedents from Delhi HC and Bombay HC, the tribunal quashed the reassessment notice u/s 148A(d) and 148, finding the proceedings invalid. The AO's best judgment assessment, which added unexplained investment and stamp duty value differences, was set aside. The assessee's appeal was allowed, rendering subsequent grounds academic, effectively nullifying the extended assessment proceedings.
ITAT held that reopening of assessment u/s 147 beyond 3 years is impermissible when tax evasion does not exceed Rs. 50,00,000. Relying on precedents from Delhi HC and Bombay HC, the tribunal quashed the reassessment notice u/s 148A(d) and 148, finding the proceedings invalid. The AO's best judgment assessment, which added unexplained investment and stamp duty value differences, was set aside. The assessee's appeal was allowed, rendering subsequent grounds academic, effectively nullifying the extended assessment proceedings.
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