All appeals dismissed; finding of anti-competitive bid-rigging upheld under Sections 3(3)(c), 3(3)(d) read with 3(1); cease-and-desist and total-turno...
Central Government notifies 11.541-hectare Special Economic Zone for semiconductor manufacturing; Approval Committee constituted, ICD status effective...
Government appoints National Customs Targeting Centre-Passenger director as customs officer with powers under PNR Regulations, 2022 and Sections 30A, ...
ITAT affirmed that the reopening of assessment under section 147 was invalid and dismissed Revenue's grounds. The AO had conducted a detailed original assessment under section 143(3) read with section 144C(3) after considering the Taxpayer's exhaustive documentary submissions, including a submission dated 05.03.2015, and had allowed exemptions under sections 10A and 10AA. The reasons to believe did not disclose any fresh tangible material arising post-assessment; reliance on records from a subsequent year or on material already available at the time of original assessment cannot sustain reassessment. Consequently, the reassessment was held to be a review in substance, jurisdictionally impermissible, and the Taxpayer's exemptions under 10A/10AA were upheld.
ITAT affirmed that the reopening of assessment under section 147 was invalid and dismissed Revenue's grounds. The AO had conducted a detailed original assessment under section 143(3) read with section 144C(3) after considering the Taxpayer's exhaustive documentary submissions, including a submission dated 05.03.2015, and had allowed exemptions under sections 10A and 10AA. The reasons to believe did not disclose any fresh tangible material arising post-assessment; reliance on records from a subsequent year or on material already available at the time of original assessment cannot sustain reassessment. Consequently, the reassessment was held to be a review in substance, jurisdictionally impermissible, and the Taxpayer's exemptions under 10A/10AA were upheld.
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