Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
Belated filing of audit reports led the tribunal to remand claims for charitable exemption under sections 11 and 12 for reconsideration in light of the assessee's condonation application; the tribunal emphasised that denial of exemption does not permit taxing gross receipts without allowing expenditures incurred for charitable purposes. Where assessed as an association of persons on a commercial basis, income must be computed under the commercial method and expenditures allowable under the relevant provisions must be deducted against gross receipts. Separately, a penalty for receipt of sale consideration in cash was held unsustainable where the assessing officer did not record requisite satisfaction before initiating penalty proceedings and where cash consideration at registration did not attract the prohibition invoked.
Belated filing of audit reports led the tribunal to remand claims for charitable exemption under sections 11 and 12 for reconsideration in light of the assessee's condonation application; the tribunal emphasised that denial of exemption does not permit taxing gross receipts without allowing expenditures incurred for charitable purposes. Where assessed as an association of persons on a commercial basis, income must be computed under the commercial method and expenditures allowable under the relevant provisions must be deducted against gross receipts. Separately, a penalty for receipt of sale consideration in cash was held unsustainable where the assessing officer did not record requisite satisfaction before initiating penalty proceedings and where cash consideration at registration did not attract the prohibition invoked.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
