Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Reassessment notice issued after three years was held barred by limitation because the factual foundation was incorrect. The Tribunal noted that the assessee's bank statements showed cash deposits of only Rs. 19,50,000 in the two IDBI Bank accounts, not the higher aggregate assumed by the AO. It held that the validity of notice under section 148 must be tested on the correct facts, and an otherwise time-barred notice cannot be sustained by relying on erroneous figures in the section 148A(b) notice, the section 148A(d) order, or the section 148 notice itself. The reassessment order was therefore also vitiated.
Reassessment notice issued after three years was held barred by limitation because the factual foundation was incorrect. The Tribunal noted that the assessee's bank statements showed cash deposits of only Rs. 19,50,000 in the two IDBI Bank accounts, not the higher aggregate assumed by the AO. It held that the validity of notice under section 148 must be tested on the correct facts, and an otherwise time-barred notice cannot be sustained by relying on erroneous figures in the section 148A(b) notice, the section 148A(d) order, or the section 148 notice itself. The reassessment order was therefore also vitiated.
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