NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
Where reassessment was initiated on the taxability of notional annual letting value of unsold flats, the Assessing Officer was required to make a focused enquiry and record a finding on that very issue. The reassessment order contained only a mechanical recital of notices and replies, with no verification, analysis or adjudication of the escapement question. Mere issue of notice did not show application of mind, and the defect was treated as a complete lack of enquiry rather than a mere inadequate enquiry. The section 263 revision was therefore upheld as the order was erroneous and prejudicial to the interests of the revenue, while the merits of the proposed addition were left open for fresh examination.
Where reassessment was initiated on the taxability of notional annual letting value of unsold flats, the Assessing Officer was required to make a focused enquiry and record a finding on that very issue. The reassessment order contained only a mechanical recital of notices and replies, with no verification, analysis or adjudication of the escapement question. Mere issue of notice did not show application of mind, and the defect was treated as a complete lack of enquiry rather than a mere inadequate enquiry. The section 263 revision was therefore upheld as the order was erroneous and prejudicial to the interests of the revenue, while the merits of the proposed addition were left open for fresh examination.
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