Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
The HC held that the respondent Assessing Officer lacked jurisdiction to reopen assessment, finding the impugned show-cause notices constituted a mere fishing inquiry and were issued without material having a live nexus to the sale-deed. Information from the public domain and the DVO's valuation report were held insufficient to prima facie establish payment of on-money; the valuation report being only an opinion requiring corroborative evidence. Because the records showed the sale-deed predated the search and transactions relied upon, the notices were held to be without jurisdiction and were quashed and set aside, with consequential relief as appropriate to the petitioners.
The HC held that the respondent Assessing Officer lacked jurisdiction to reopen assessment, finding the impugned show-cause notices constituted a mere fishing inquiry and were issued without material having a live nexus to the sale-deed. Information from the public domain and the DVO's valuation report were held insufficient to prima facie establish payment of on-money; the valuation report being only an opinion requiring corroborative evidence. Because the records showed the sale-deed predated the search and transactions relied upon, the notices were held to be without jurisdiction and were quashed and set aside, with consequential relief as appropriate to the petitioners.
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