Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Protective assessment is permissible only where there is uncertainty as to the person chargeable to tax, and a corresponding substantive assessment must exist in the hands of the real owner of the income. The Tribunal held that the conversion of a protective addition into a substantive addition was unsustainable without a clear finding, supported by material, that the income was assessable in the assessee's hands rather than his wife's. The claim for exemption under section 54F also required fresh factual examination for compliance with statutory conditions, and TDS credit could not be denied merely for PAN mismatch if the related income had been offered to tax, subject to verification. The matter was restored to the AO for fresh adjudication.
Protective assessment is permissible only where there is uncertainty as to the person chargeable to tax, and a corresponding substantive assessment must exist in the hands of the real owner of the income. The Tribunal held that the conversion of a protective addition into a substantive addition was unsustainable without a clear finding, supported by material, that the income was assessable in the assessee's hands rather than his wife's. The claim for exemption under section 54F also required fresh factual examination for compliance with statutory conditions, and TDS credit could not be denied merely for PAN mismatch if the related income had been offered to tax, subject to verification. The matter was restored to the AO for fresh adjudication.
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