Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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The ITAT upheld the validity of the reassessment proceedings, holding that in the given factual matrix, where the assessee persistently failed to comply with statutory notices and the assessment was completed u/s 144, non-issuance of notice u/s 143(2) after a belated return in response to notice u/s 148 did not vitiate the assessment or the jurisdiction assumed u/s 147. However, on the merits of additions towards alleged bogus LTCG and accommodation entries, the ITAT found that the trades were speculative transactions u/s 43(5), duly supported by broker records and bank statements, and that the AO and CIT(A) had made additions purely on conjecture without basic inquiry or tangible material. Consequently, the ITAT deleted the sustained additions of Rs. 1,53,633 and Rs. 25,79,787, granting substantive relief to the assessee on quantum while maintaining the reassessment's legal validity.
The ITAT upheld the validity of the reassessment proceedings, holding that in the given factual matrix, where the assessee persistently failed to comply with statutory notices and the assessment was completed u/s 144, non-issuance of notice u/s 143(2) after a belated return in response to notice u/s 148 did not vitiate the assessment or the jurisdiction assumed u/s 147. However, on the merits of additions towards alleged bogus LTCG and accommodation entries, the ITAT found that the trades were speculative transactions u/s 43(5), duly supported by broker records and bank statements, and that the AO and CIT(A) had made additions purely on conjecture without basic inquiry or tangible material. Consequently, the ITAT deleted the sustained additions of Rs. 1,53,633 and Rs. 25,79,787, granting substantive relief to the assessee on quantum while maintaining the reassessment's legal validity.
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