Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
When a filed return is selected for scrutiny, the scope is ordinarily limited to verifying and disallowing claims and does not permit the Assessing Officer to reduce income voluntarily admitted by the taxpayer; statutory remedies exist to correct any erroneous admission but were not availed here. Circulars relied upon did not require reversion of a voluntarily declared return. A post-survey voluntary declaration incorporated in a later return and not retracted or revised under the Act was treated as conscious admission; the burden to prove evidentiary basis does not shift to the Assessing Officer. Tribunal factual findings upheld; taxpayer appeal dismissed.
When a filed return is selected for scrutiny, the scope is ordinarily limited to verifying and disallowing claims and does not permit the Assessing Officer to reduce income voluntarily admitted by the taxpayer; statutory remedies exist to correct any erroneous admission but were not availed here. Circulars relied upon did not require reversion of a voluntarily declared return. A post-survey voluntary declaration incorporated in a later return and not retracted or revised under the Act was treated as conscious admission; the burden to prove evidentiary basis does not shift to the Assessing Officer. Tribunal factual findings upheld; taxpayer appeal dismissed.
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