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 affirmed the ITAT's allowance of the assessee's appeal, holding that reassessment framed under s.153A could not be sustained. The tribunal correctly determined that documents retrieved on search-board resolutions, legal notes, valuation reports, deeds of retirement, reconstitution indentures and retirement-cum-release instruments-were business records and not incriminating material. There was no evidence of concealment, nor did the conversion of the partnership to a company constitute a capital asset "transfer" as contemplated by s.2(47). Consequently, consequential reassessment proceedings lacked jurisdictional and substantive basis and were quashed, with the assessment restored in favour of the assessee.
The HC affirmed the ITAT's allowance of the assessee's appeal, holding that reassessment framed under s.153A could not be sustained. The tribunal correctly determined that documents retrieved on search-board resolutions, legal notes, valuation reports, deeds of retirement, reconstitution indentures and retirement-cum-release instruments-were business records and not incriminating material. There was no evidence of concealment, nor did the conversion of the partnership to a company constitute a capital asset "transfer" as contemplated by s.2(47). Consequently, consequential reassessment proceedings lacked jurisdictional and substantive basis and were quashed, with the assessment restored in favour of the assessee.
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