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...
ITAT held the second reassessment u/s 147, initiated by notice u/s 148 dated 20/03/2020 on the same material and issues already examined and accepted in the earlier reassessment order u/s 143(3) r.w.s. 147 dated 28/11/2019, to be invalid as a mere change of opinion, following the SC ruling in Kelvinator. No new tangible material or independent enquiry was found. Consequently, the reassessment proceedings and additions treating LTCG as bogus and taxing it as unexplained money u/s 69A r.w.s. 115BBE were quashed. On merits also, in light of SEBI's final report exonerating the scrip, exemption u/s 10(38) was upheld and Revenue's case failed.
ITAT held the second reassessment u/s 147, initiated by notice u/s 148 dated 20/03/2020 on the same material and issues already examined and accepted in the earlier reassessment order u/s 143(3) r.w.s. 147 dated 28/11/2019, to be invalid as a mere change of opinion, following the SC ruling in Kelvinator. No new tangible material or independent enquiry was found. Consequently, the reassessment proceedings and additions treating LTCG as bogus and taxing it as unexplained money u/s 69A r.w.s. 115BBE were quashed. On merits also, in light of SEBI's final report exonerating the scrip, exemption u/s 10(38) was upheld and Revenue's case failed.
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