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...
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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