Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reassessment jurisdiction was upheld where the Assessing Officer relied on tangible material, including an Investigation Wing report, bank account analysis, field enquiries and a sworn statement, to form an independent belief that income had escaped assessment. The Tribunal found a rational live link between the material and the reopening reasons, noting that the transactions were specifically identified, were not based on mere suspicion, and reflected the officer's own examination rather than borrowed satisfaction. On that basis, the challenge to jurisdiction failed and the reopening was sustained.
Reassessment jurisdiction was upheld where the Assessing Officer relied on tangible material, including an Investigation Wing report, bank account analysis, field enquiries and a sworn statement, to form an independent belief that income had escaped assessment. The Tribunal found a rational live link between the material and the reopening reasons, noting that the transactions were specifically identified, were not based on mere suspicion, and reflected the officer's own examination rather than borrowed satisfaction. On that basis, the challenge to jurisdiction failed and the reopening was sustained.
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