Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
Where incriminating material relating to the assessee was found only during search/survey action conducted at a third party's premises, the statutory trigger for assessment is s.153C and not reassessment under ss.147/148. Since there was no search on the assessee and the Revenue's case arose entirely from material seized from the third party allegedly engaged in providing accommodation entries through rigged shares, initiation and completion of assessment under s.147 read with s.144B lacked jurisdiction. Consequently, the reassessment order was held void ab initio and was quashed, granting relief to the assessee. - ITAT
Where incriminating material relating to the assessee was found only during search/survey action conducted at a third party's premises, the statutory trigger for assessment is s.153C and not reassessment under ss.147/148. Since there was no search on the assessee and the Revenue's case arose entirely from material seized from the third party allegedly engaged in providing accommodation entries through rigged shares, initiation and completion of assessment under s.147 read with s.144B lacked jurisdiction. Consequently, the reassessment order was held void ab initio and was quashed, granting relief to the assessee. - ITAT
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