Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
For valid reassessment the assessing officer must record a belief based on objective, specific and reliable material that has a live nexus to escapement of income; reliance on unverified information from an investigation unit or on borrowed satisfaction reduces belief to mere suspicion and invalidates reopening. Independent application of mind and preliminary enquiries are required before issuing notices under reassessment provisions. Separately, mere inter company fund rotations and receipt of share application money do not automatically constitute taxable income or unexplained credits where documentary support (investors' financials, ITRs, bank statements, confirmations) shows capital receipts; treating such transactions as unexplained under the unexplained credit principle is unsustainable.
For valid reassessment the assessing officer must record a belief based on objective, specific and reliable material that has a live nexus to escapement of income; reliance on unverified information from an investigation unit or on borrowed satisfaction reduces belief to mere suspicion and invalidates reopening. Independent application of mind and preliminary enquiries are required before issuing notices under reassessment provisions. Separately, mere inter company fund rotations and receipt of share application money do not automatically constitute taxable income or unexplained credits where documentary support (investors' financials, ITRs, bank statements, confirmations) shows capital receipts; treating such transactions as unexplained under the unexplained credit principle is unsustainable.
Note: It is a system-generated summary and is for quick reference only.
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