CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Validity of reassessment initiation was challenged on the ground that the order under s.148A(3) and the consequent notice under s.148 were vague and non-speaking, merely referring to a search in the insurance sector without disclosing why income was believed to have escaped assessment. The court held that the s.148A(3) order did not record any reasons for rejecting the assessee's replies or explain the basis for proceeding, rendering it unsustainable; consequently, the s.148A(3) order and the s.148 notice were set aside and the matter was remanded to the AO to pass a fresh, reasoned order after considering the replies, with clarification that the assessee had also asserted incomplete information in the notices. - HC
Validity of reassessment initiation was challenged on the ground that the order under s.148A(3) and the consequent notice under s.148 were vague and non-speaking, merely referring to a search in the insurance sector without disclosing why income was believed to have escaped assessment. The court held that the s.148A(3) order did not record any reasons for rejecting the assessee's replies or explain the basis for proceeding, rendering it unsustainable; consequently, the s.148A(3) order and the s.148 notice were set aside and the matter was remanded to the AO to pass a fresh, reasoned order after considering the replies, with clarification that the assessee had also asserted incomplete information in the notices. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
