Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Reassessment initiated beyond three years was tested against the statutory precondition in section 149(1)(b) that the AO must have material to form a reasonable belief that income escaping assessment was likely to be ₹50 lakh or more. The tribunal held that "likely to amount" cannot be inferred merely from gross bank transactions without a preliminary analysis of the nature of entries and the taxable component. On the facts, even treating the credits as receipts yielding commission income, the taxable income could not reasonably exceed ₹50 lakh, and the ultimately assessed escaped income was far below the threshold. The reopening was therefore barred by limitation and without jurisdiction; the appeal was allowed. - ITAT
Reassessment initiated beyond three years was tested against the statutory precondition in section 149(1)(b) that the AO must have material to form a reasonable belief that income escaping assessment was likely to be ₹50 lakh or more. The tribunal held that "likely to amount" cannot be inferred merely from gross bank transactions without a preliminary analysis of the nature of entries and the taxable component. On the facts, even treating the credits as receipts yielding commission income, the taxable income could not reasonably exceed ₹50 lakh, and the ultimately assessed escaped income was far below the threshold. The reopening was therefore barred by limitation and without jurisdiction; the appeal was allowed. - ITAT
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