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...
HC upheld the validity of reassessment proceedings initiated u/s 147 against the assessee. It held that the AO had correctly formed a reason to believe that income had escaped assessment due to the assessee's failure to fully and truly disclose all material facts necessary for assessment, specifically the agreement with the Central Government required for claiming deduction u/s 42. Mere disclosure of the deduction claim in the audit report and return of income was held insufficient in the absence of the underlying agreement. Accepting the concurrent factual findings of the AO, CIT(A), and Tribunal, HC found no perversity warranting interference. The reassessment was held to be within limitation and legally sustainable. The appeal was dismissed and decided against the assessee.
HC upheld the validity of reassessment proceedings initiated u/s 147 against the assessee. It held that the AO had correctly formed a reason to believe that income had escaped assessment due to the assessee's failure to fully and truly disclose all material facts necessary for assessment, specifically the agreement with the Central Government required for claiming deduction u/s 42. Mere disclosure of the deduction claim in the audit report and return of income was held insufficient in the absence of the underlying agreement. Accepting the concurrent factual findings of the AO, CIT(A), and Tribunal, HC found no perversity warranting interference. The reassessment was held to be within limitation and legally sustainable. The appeal was dismissed and decided against the assessee.
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