CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Reopening of assessment must be confined to the income that formed the assessing officer's belief; other income noticed during reassessment may be assessed only if the originally alleged escaped income remains assessed as escaped. Applying the jurisdictional precedent, where the AO after issuing a notice accepts the returned income on the issue that prompted reopening, the AO cannot independently compute deemed income based on book profit or levy MAT in that reassessment without issuing a fresh notice. Consequently the MAT computation in the reassessment was quashed as beyond the scope of proceedings.
Reopening of assessment must be confined to the income that formed the assessing officer's belief; other income noticed during reassessment may be assessed only if the originally alleged escaped income remains assessed as escaped. Applying the jurisdictional precedent, where the AO after issuing a notice accepts the returned income on the issue that prompted reopening, the AO cannot independently compute deemed income based on book profit or levy MAT in that reassessment without issuing a fresh notice. Consequently the MAT computation in the reassessment was quashed as beyond the scope of proceedings.
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