Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
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Reopening of assessment initiated on basis of a third party search was invalid because the assessing officer issued a notice under the general reassessment provision instead of the provision applicable to material seized in a third party search; accordingly the reassessment notice was quashed and the assessee's ground on that point allowed. The appellate authority's deletion of the addition under unexplained cash loan/interest was noted. Objection that the assessment order was cryptic or passed hastily was rejected: delay by the assessee in filing return and seeking reasons, and limitation pressures, meant the gap before final order did not invalidate the assessment process.
Reopening of assessment initiated on basis of a third party search was invalid because the assessing officer issued a notice under the general reassessment provision instead of the provision applicable to material seized in a third party search; accordingly the reassessment notice was quashed and the assessee's ground on that point allowed. The appellate authority's deletion of the addition under unexplained cash loan/interest was noted. Objection that the assessment order was cryptic or passed hastily was rejected: delay by the assessee in filing return and seeking reasons, and limitation pressures, meant the gap before final order did not invalidate the assessment process.
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