Money laundering property attachment and third-party encumbrance rights clarified; prior bona fide interests enforceable before confiscation, appeals ...
Profiteering in construction services for failure to pass input tax credit resulted in repayment exceeding the commensurate benefit and closure of pro...
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.
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