Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Reopening of assessment under income tax law was challenged after a capital reduction where payment to shareholders used the securities premium account. The taxpayer produced ledger entries, share certificates, tax residence certificates, ROC registration of capital reduction and remittance proofs in response to AO queries. The commentary concludes that the taxpayer had made full and true disclosure of material facts, Explanation (1) to the reopening provision did not apply, and the reopening failed to satisfy the proviso criteria; consequently the reassessment was held invalid and the appeal allowed.
Reopening of assessment under income tax law was challenged after a capital reduction where payment to shareholders used the securities premium account. The taxpayer produced ledger entries, share certificates, tax residence certificates, ROC registration of capital reduction and remittance proofs in response to AO queries. The commentary concludes that the taxpayer had made full and true disclosure of material facts, Explanation (1) to the reopening provision did not apply, and the reopening failed to satisfy the proviso criteria; consequently the reassessment was held invalid and the appeal allowed.
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