Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
The HC quashed the reopening notice issued under section 148, holding that the disputed amount was a credit balance related to F&O trading, payments, margins, and interest, not an unsecured loan. The Court affirmed that trade advances are excluded from the scope of deemed dividend under section 2(22)(e), consistent with established precedents. It emphasized that loans and advances given in the normal course of business benefiting both parties do not attract section 2(22)(e). Further, the Court reiterated the necessity of a reasoned link to the formation of belief for reopening assessments. Consequently, the reassessment was invalid, and the assessee's appeal was allowed.
The HC quashed the reopening notice issued under section 148, holding that the disputed amount was a credit balance related to F&O trading, payments, margins, and interest, not an unsecured loan. The Court affirmed that trade advances are excluded from the scope of deemed dividend under section 2(22)(e), consistent with established precedents. It emphasized that loans and advances given in the normal course of business benefiting both parties do not attract section 2(22)(e). Further, the Court reiterated the necessity of a reasoned link to the formation of belief for reopening assessments. Consequently, the reassessment was invalid, and the assessee's appeal was allowed.
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