Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
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Protective additions made in the society's assessment were held unsustainable because substantially identical diary entries were treated in substantive assessments of the individuals; the adjudicating body applied the peak-credit approach to allocate amounts to each individual and set those amounts off against income they had declared in the survey year. Given that surrendered income was credited to avoid double taxation, the protective addition in the society's hands was deleted on the ground that the same receipts cannot be taxed twice.
Protective additions made in the society's assessment were held unsustainable because substantially identical diary entries were treated in substantive assessments of the individuals; the adjudicating body applied the peak-credit approach to allocate amounts to each individual and set those amounts off against income they had declared in the survey year. Given that surrendered income was credited to avoid double taxation, the protective addition in the society's hands was deleted on the ground that the same receipts cannot be taxed twice.
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