Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
For search-based jurisdiction under income-tax law, additions in completed or unabated years require incriminating material discovered during the search; absent such material, a 153A assessment cannot be sustained and was quashed for AY 2012-13. Additions made without issuing a specific show-cause notice or affording an opportunity to reconcile seized entries with regular books violate principles of natural justice and are unsustainable. Where seized entries reflect interest receipts/payments and source is explained, taxability must be determined on a net basis as business income; reconciliation-based additions lacking cogent incriminating material were deleted and the CIT(A)'s net-interest approach was sustained.
For search-based jurisdiction under income-tax law, additions in completed or unabated years require incriminating material discovered during the search; absent such material, a 153A assessment cannot be sustained and was quashed for AY 2012-13. Additions made without issuing a specific show-cause notice or affording an opportunity to reconcile seized entries with regular books violate principles of natural justice and are unsustainable. Where seized entries reflect interest receipts/payments and source is explained, taxability must be determined on a net basis as business income; reconciliation-based additions lacking cogent incriminating material were deleted and the CIT(A)'s net-interest approach was sustained.
Note: It is a system-generated summary and is for quick reference only.
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