PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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ITAT allowed the assessee's appeal and quashed the reassessment order passed u/s 147 r.w.s. 144B. The AO had reopened the assessment solely on the belief that income had escaped assessment by non-application of s.50C (capital gains on transfer of land/building). However, in the reassessment, no addition was made under s.50C; instead, the AO invoked s.43CA (business income on transfer of land/building held as stock-in-trade), which was never part of the recorded reasons. Holding this change impermissible, ITAT declared the reassessment invalid and set it aside.
ITAT allowed the assessee's appeal and quashed the reassessment order passed u/s 147 r.w.s. 144B. The AO had reopened the assessment solely on the belief that income had escaped assessment by non-application of s.50C (capital gains on transfer of land/building). However, in the reassessment, no addition was made under s.50C; instead, the AO invoked s.43CA (business income on transfer of land/building held as stock-in-trade), which was never part of the recorded reasons. Holding this change impermissible, ITAT declared the reassessment invalid and set it aside.
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