Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Whether a Jurisdictional Assessing Officer (JAO) can initiate proceedings under Sections 148A and 148 after implementation of the Faceless Scheme: relying on precedent that post- Faceless Scheme initiation and issuance of notices by the JAO is ultra vires and per se illegal, the court held such notices and consequential assessments unsustainable; therefore the impugned notices under Sections 148A/148 and all orders flowing therefrom are quashed. Relief is granted on jurisdictional grounds, while liberty is reserved to the revenue to pursue further action as indicated by the court. - HC
Whether a Jurisdictional Assessing Officer (JAO) can initiate proceedings under Sections 148A and 148 after implementation of the Faceless Scheme: relying on precedent that post- Faceless Scheme initiation and issuance of notices by the JAO is ultra vires and per se illegal, the court held such notices and consequential assessments unsustainable; therefore the impugned notices under Sections 148A/148 and all orders flowing therefrom are quashed. Relief is granted on jurisdictional grounds, while liberty is reserved to the revenue to pursue further action as indicated by the court. - HC
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