RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Addition for alleged non genuine accommodation entries was treated as unexplained money and deleted on appeal after the appellate forum found the assessing officer's reliance on statements and investigative inputs unsustainable; the deletion was accepted by NFAC. Reopening of assessment was held invalid because the reasons relied solely on the Investigation Wing report without independent application of mind by the AO (borrowed satisfaction), so reassessment proceedings were quashed. Reopening beyond the four year period also failed because the assessee had fully and truly disclosed material facts at original assessment, negating the proviso trigger for reassessment.
Addition for alleged non genuine accommodation entries was treated as unexplained money and deleted on appeal after the appellate forum found the assessing officer's reliance on statements and investigative inputs unsustainable; the deletion was accepted by NFAC. Reopening of assessment was held invalid because the reasons relied solely on the Investigation Wing report without independent application of mind by the AO (borrowed satisfaction), so reassessment proceedings were quashed. Reopening beyond the four year period also failed because the assessee had fully and truly disclosed material facts at original assessment, negating the proviso trigger for reassessment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
