Electronic evidence and search statements in tax assessments require authenticity review and corroboration, while procedural manuals lack statutory fo...
Tariff rate quota authorisations govern preferential imports of specified New Zealand goods through export certification and electronic customs debiti...
Electronic Continuity Bond Registration replaces manual container permissions, with quarterly reporting and re-export monitoring for duty-free contain...
HC quashed reassessment notice u/s 148 and assessment order u/s 147 read with s 144B where AO denied capital gains deduction u/s 54. AO disallowed deduction solely because legal heirs deposited sale proceeds after original assessee's death, despite proper disclosure in return and valid investment claim of Rs 3 crores against capital gains liability. Court held AO's hyper-technical approach regarding timing of deposit by legal heirs after assessee's demise provided no valid ground for reopening assessment under s 147, particularly when no tangible information existed that income had escaped assessment and legal heirs had properly disclosed property sale and claimed legitimate deduction.
HC quashed reassessment notice u/s 148 and assessment order u/s 147 read with s 144B where AO denied capital gains deduction u/s 54. AO disallowed deduction solely because legal heirs deposited sale proceeds after original assessee's death, despite proper disclosure in return and valid investment claim of Rs 3 crores against capital gains liability. Court held AO's hyper-technical approach regarding timing of deposit by legal heirs after assessee's demise provided no valid ground for reopening assessment under s 147, particularly when no tangible information existed that income had escaped assessment and legal heirs had properly disclosed property sale and claimed legitimate deduction.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4921 
