Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Explanation 3 to Section 43(1) is a deeming provision that can be invoked only after the assessing officer records satisfaction that the transfer's dominant purpose was reduction of tax liability and obtains prior approval of the Joint Commissioner; both conditions are mandatory and the burden of proof is on Revenue, so substituting the assessee's declared cost for second hand machinery was legally unsustainable and depreciation was allowed. Separately, a notice under section 143(2) issued within time is not vitiated merely because it omitted the scrutiny category where the assessee participated and no prejudice was shown, so the challenge to the notice failed.
Explanation 3 to Section 43(1) is a deeming provision that can be invoked only after the assessing officer records satisfaction that the transfer's dominant purpose was reduction of tax liability and obtains prior approval of the Joint Commissioner; both conditions are mandatory and the burden of proof is on Revenue, so substituting the assessee's declared cost for second hand machinery was legally unsustainable and depreciation was allowed. Separately, a notice under section 143(2) issued within time is not vitiated merely because it omitted the scrutiny category where the assessee participated and no prejudice was shown, so the challenge to the notice failed.
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