Minimum Public Offer Requirements set tiered issuer-based allotment minima with mandatory staged public shareholding increases and exchange enforcemen...
Disallowance under tax law for investment expenses cannot be applied mechanically; authority must record clear reasons before increasing assessee's su...
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Reassessment proceedings under ss. 147/148A were held invalid as the AO acted on borrowed satisfaction by mechanically reproducing a general investigation report without verifying accuracy, clarifying whether the alleged dealings were purchases or sales, or establishing a direct, tangible, live nexus between the material and escapement of income; factual errors in the alleged transaction quantum further showed absence of independent "reason to believe", resulting in quashing of reopening. The estimated 2% commission addition on alleged bogus sales was deleted since sales were recorded, supported by documents and statutory filings, and no evidence of accommodation entries, cash flow, or benefit was found. Disallowance of alleged bogus purchases was also deleted because purchases were supported by invoices, transport and banking proofs and quantitative records, and a mere HSN classification difference without tax impact was insufficient. - ITAT
Reassessment proceedings under ss. 147/148A were held invalid as the AO acted on borrowed satisfaction by mechanically reproducing a general investigation report without verifying accuracy, clarifying whether the alleged dealings were purchases or sales, or establishing a direct, tangible, live nexus between the material and escapement of income; factual errors in the alleged transaction quantum further showed absence of independent "reason to believe", resulting in quashing of reopening. The estimated 2% commission addition on alleged bogus sales was deleted since sales were recorded, supported by documents and statutory filings, and no evidence of accommodation entries, cash flow, or benefit was found. Disallowance of alleged bogus purchases was also deleted because purchases were supported by invoices, transport and banking proofs and quantitative records, and a mere HSN classification difference without tax impact was insufficient. - ITAT
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