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...
HC held that Explanation to Section 149 and Explanation 4 to Section 147, introduced by Finance Act, 2012, clarify retrospective applicability for assessment years beginning on or before 1 April 2012. The use of word "any" in the explanation is not restrictive. The court noted that previous judicial interpretations in Brahm Datt and Jyoti Traders may require reconsideration by a larger bench. The matter was directed to be listed for constitution of a larger bench to comprehensively examine the legislative intent behind the amendments to income tax assessment provisions.
HC held that Explanation to Section 149 and Explanation 4 to Section 147, introduced by Finance Act, 2012, clarify retrospective applicability for assessment years beginning on or before 1 April 2012. The use of word "any" in the explanation is not restrictive. The court noted that previous judicial interpretations in Brahm Datt and Jyoti Traders may require reconsideration by a larger bench. The matter was directed to be listed for constitution of a larger bench to comprehensively examine the legislative intent behind the amendments to income tax assessment provisions.
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