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 an assessment requires contemporaneous reasons to believe supported by tangible material and a live link to escapement of income; a mere recalculation of full value of consideration using lowest prevailing market value or a change of opinion is insufficient. The taxpayer had already provided stock valuation details and basis in response to queries under section 142(1), and the subsequent communications did not disclose fresh tangible material or a live link justifying reassessment under section 147. The impugned reopening notices were therefore held to lack jurisdiction and were quashed in favour of the assessee.
Reopening an assessment requires contemporaneous reasons to believe supported by tangible material and a live link to escapement of income; a mere recalculation of full value of consideration using lowest prevailing market value or a change of opinion is insufficient. The taxpayer had already provided stock valuation details and basis in response to queries under section 142(1), and the subsequent communications did not disclose fresh tangible material or a live link justifying reassessment under section 147. The impugned reopening notices were therefore held to lack jurisdiction and were quashed in favour of the assessee.
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