Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
HC held that the Assessing Officer (AO) lacked valid jurisdictional grounds for reopening the assessment. Despite having territorial jurisdiction, the AO failed to establish a substantive reason to believe income had escaped assessment. The notice was deemed invalid as it was based solely on information from an insight portal without concrete evidence connecting the alleged accommodation entries to the petitioner's audited accounts. The court found the reopening notice constituted a fishing inquiry without demonstrating a prima facie case of income escaping assessment, thereby rendering the reopening notice legally untenable and unsustainable.
HC held that the Assessing Officer (AO) lacked valid jurisdictional grounds for reopening the assessment. Despite having territorial jurisdiction, the AO failed to establish a substantive reason to believe income had escaped assessment. The notice was deemed invalid as it was based solely on information from an insight portal without concrete evidence connecting the alleged accommodation entries to the petitioner's audited accounts. The court found the reopening notice constituted a fishing inquiry without demonstrating a prima facie case of income escaping assessment, thereby rendering the reopening notice legally untenable and unsustainable.
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