ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
HC quashed and set aside the impugned order passed u/s 148A(d) and the consequential notice u/s 148, holding that initiation of reassessment proceedings was vitiated by breach of natural justice because the adverse Verification Report relied upon was not furnished to the petitioner prior to issuance of the notice u/s 148A(b). The court remanded the matter to the respondent authority to proceed afresh from the stage of issuance of notice u/s 148A(b), directing the respondent to supply the Verification Report to the petitioner within a reasonable time and permitting the petitioner to file a fresh reply. The prior actions of the department are set aside as invalid for non-supply of material relied upon.
HC quashed and set aside the impugned order passed u/s 148A(d) and the consequential notice u/s 148, holding that initiation of reassessment proceedings was vitiated by breach of natural justice because the adverse Verification Report relied upon was not furnished to the petitioner prior to issuance of the notice u/s 148A(b). The court remanded the matter to the respondent authority to proceed afresh from the stage of issuance of notice u/s 148A(b), directing the respondent to supply the Verification Report to the petitioner within a reasonable time and permitting the petitioner to file a fresh reply. The prior actions of the department are set aside as invalid for non-supply of material relied upon.
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