Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
A High Court held that recovery proceedings for tax demand cannot be maintained unless the foundational assessment order and notice of demand exist and have been served on the assessee. Where the respondents admitted that the assessment records were untraceable and there was no material showing service of the order or demand particulars, no enforceable demand arose, so the recovery notices and portal demand were quashed. The Court also held that, absent service of the assessment order with the demand notice, interest could not be levied and the assessee could not be treated as in default for that period, even if the order is later traced.
A High Court held that recovery proceedings for tax demand cannot be maintained unless the foundational assessment order and notice of demand exist and have been served on the assessee. Where the respondents admitted that the assessment records were untraceable and there was no material showing service of the order or demand particulars, no enforceable demand arose, so the recovery notices and portal demand were quashed. The Court also held that, absent service of the assessment order with the demand notice, interest could not be levied and the assessee could not be treated as in default for that period, even if the order is later traced.
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