Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
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Reopening of assessment was valid where specific information and documentary material, including affidavits and tally entries naming lenders, connected to the AOs independent formation of belief that income had escaped assessment, establishing a live link and satisfying the tangible material requirement for initiating proceedings; therefore reassessment jurisdiction was sustained. Separately, denial of opportunity to cross-examine a witness whose statement formed the basis of additions violated principles of natural justice; the impugned appellate order is set aside on that issue and the matter is remitted with direction to permit cross-examination.
Reopening of assessment was valid where specific information and documentary material, including affidavits and tally entries naming lenders, connected to the AOs independent formation of belief that income had escaped assessment, establishing a live link and satisfying the tangible material requirement for initiating proceedings; therefore reassessment jurisdiction was sustained. Separately, denial of opportunity to cross-examine a witness whose statement formed the basis of additions violated principles of natural justice; the impugned appellate order is set aside on that issue and the matter is remitted with direction to permit cross-examination.
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