Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Section 74 proceedings require a clear and express allegation of fraud, wilful misstatement, suppression of facts or intention to evade tax in the show cause notice or order. Mere disclosure of unreported transactions during inspection is insufficient, and the assessee must be specifically put on notice of the offending conduct. Where tax had already been paid before notice and the notice and impugned order contained no such allegation, the proceedings under Section 74 were unsustainable. The impugned orders were set aside and the matter remanded, with liberty to proceed afresh under Section 73 or issue a fresh notice under Section 74 if warranted.
Section 74 proceedings require a clear and express allegation of fraud, wilful misstatement, suppression of facts or intention to evade tax in the show cause notice or order. Mere disclosure of unreported transactions during inspection is insufficient, and the assessee must be specifically put on notice of the offending conduct. Where tax had already been paid before notice and the notice and impugned order contained no such allegation, the proceedings under Section 74 were unsustainable. The impugned orders were set aside and the matter remanded, with liberty to proceed afresh under Section 73 or issue a fresh notice under Section 74 if warranted.
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