Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Investments in fixed deposit receipts under the statutory investment mode do not constitute an application of income for charitable purposes; the Special Bench held that Section 11(5) prescribes permissible investment modes distinct from application under Section 11(1), and therefore FDRs cannot be treated as charitable application. Reopening assessments were validly initiated because the trust failed to furnish the mandatory intimation (Form No.10), constituting non-disclosure of material facts, so reassessments under reopening provisions were not a mere change of opinion. Consequential claims for set-off of alleged earlier excess application were rejected as the issue was finally decided against the assessee.
Investments in fixed deposit receipts under the statutory investment mode do not constitute an application of income for charitable purposes; the Special Bench held that Section 11(5) prescribes permissible investment modes distinct from application under Section 11(1), and therefore FDRs cannot be treated as charitable application. Reopening assessments were validly initiated because the trust failed to furnish the mandatory intimation (Form No.10), constituting non-disclosure of material facts, so reassessments under reopening provisions were not a mere change of opinion. Consequential claims for set-off of alleged earlier excess application were rejected as the issue was finally decided against the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
