Genuineness of investment evidence determines LTCG entitlement; non specific regulatory reports cannot displace transaction specific documentary proof...
Import entitlement for repairs and after sales service extends to authorised service agents; provisional release allowed subject to bond and quantitat...
Page of 4826
Press 'Enter' after typing page number.
6101 to 6120 of 96510 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Reassessment under s.147 was challenged on limitation under s.149(1), where the assessee had disclosed complete details of property investment made by her spouse and the alleged escapement did not reach the ₹50 lakh threshold. Applying the statutory scheme and precedent, the forum held that the AO must first demonstrably form a view, from record material, that income chargeable to tax of ₹50 lakh or more escaped assessment to invoke the extended time limit; otherwise, only clause (a) applies. As the assessee established that the escapement assumption exceeding ₹50 lakh was incorrect, the s.148 notice issued beyond three years was invalid and all consequential proceedings were void ab initio. - ITAT
Reassessment under s.147 was challenged on limitation under s.149(1), where the assessee had disclosed complete details of property investment made by her spouse and the alleged escapement did not reach the ₹50 lakh threshold. Applying the statutory scheme and precedent, the forum held that the AO must first demonstrably form a view, from record material, that income chargeable to tax of ₹50 lakh or more escaped assessment to invoke the extended time limit; otherwise, only clause (a) applies. As the assessee established that the escapement assumption exceeding ₹50 lakh was incorrect, the s.148 notice issued beyond three years was invalid and all consequential proceedings were void ab initio. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
