Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
After a scheme of amalgamation/demerger, the assessee filed a modified return under s.170A to give effect to the scheme, and the AO thereafter completed assessment for the same assessment year, having been furnished particulars including losses and unabsorbed depreciation in the tax audit report. On these facts, the court found a strong prima facie case that a fresh notice under s.143(2) (and consequential s.142(1) notice) for the same year, seeking to reassess income on the basis of the modified return, was impermissible. Consequently, pending final disposal, the revenue was restrained from taking steps pursuant to the impugned notices, including passing any assessment order. - HC
After a scheme of amalgamation/demerger, the assessee filed a modified return under s.170A to give effect to the scheme, and the AO thereafter completed assessment for the same assessment year, having been furnished particulars including losses and unabsorbed depreciation in the tax audit report. On these facts, the court found a strong prima facie case that a fresh notice under s.143(2) (and consequential s.142(1) notice) for the same year, seeking to reassess income on the basis of the modified return, was impermissible. Consequently, pending final disposal, the revenue was restrained from taking steps pursuant to the impugned notices, including passing any assessment order. - HC
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