Corporate guarantee invocation in insolvency petition: enforceability upheld, conditional sanction letter not a novation, limitation not barred after ...
NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Reopening of assessment under the income tax code was challenged on the ground that the reasons recorded relied solely on the claim of interest deduction made without a certificate. The court held that validity of reassessment must be tested only by the reasons recorded; material asserted only in an affidavit cannot supply a basis. The absence of a certificate was not a valid ground where statutes did not require filing it in the assessed facts, and precedent distinguishing cases where expenditure related to taxfree income was disallowable was applied. Consequence: reassessment jurisdiction was invalidated and the appeal by the assessee allowed.
Reopening of assessment under the income tax code was challenged on the ground that the reasons recorded relied solely on the claim of interest deduction made without a certificate. The court held that validity of reassessment must be tested only by the reasons recorded; material asserted only in an affidavit cannot supply a basis. The absence of a certificate was not a valid ground where statutes did not require filing it in the assessed facts, and precedent distinguishing cases where expenditure related to taxfree income was disallowable was applied. Consequence: reassessment jurisdiction was invalidated and the appeal by the assessee allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
