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...
ITAT set aside the reassessment as invalid and quashed the proceedings under s.147/148 where the AO, without issuing a fresh notice under s.148, sustained an addition on a ground different from the reasons recorded for reopening. The Tribunal held that the reassessment was vitiated for lack of jurisdictional compliance. On merits, the Tribunal allowed the assessee's claim for bad debts written off in the profit and loss account, accepting that export receivables remained irrecoverable despite bona fide recovery efforts; any subsequent realizations are to be offered to tax in the year of receipt. The assessee's appeal is allowed and the impugned assessment order is set aside.
ITAT set aside the reassessment as invalid and quashed the proceedings under s.147/148 where the AO, without issuing a fresh notice under s.148, sustained an addition on a ground different from the reasons recorded for reopening. The Tribunal held that the reassessment was vitiated for lack of jurisdictional compliance. On merits, the Tribunal allowed the assessee's claim for bad debts written off in the profit and loss account, accepting that export receivables remained irrecoverable despite bona fide recovery efforts; any subsequent realizations are to be offered to tax in the year of receipt. The assessee's appeal is allowed and the impugned assessment order is set aside.
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