Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Reassessment based on Investigation Wing information was sustained where the original return had only been processed under section 143(1), no return was filed in response to notice under section 148, and the recorded reasons showed a live link between identified penny stock transactions and the belief of escapement. The Tribunal held that the assessee could not invoke the procedural objections available after filing a return in response to reopening, and the challenge to jurisdiction failed. On the merits, the section 68 addition on share sale proceeds was deleted because the transactions were disclosed as part of regular share trading business, supported by contract notes, demat and bank records, and no exempt long-term capital gains had been claimed.
Reassessment based on Investigation Wing information was sustained where the original return had only been processed under section 143(1), no return was filed in response to notice under section 148, and the recorded reasons showed a live link between identified penny stock transactions and the belief of escapement. The Tribunal held that the assessee could not invoke the procedural objections available after filing a return in response to reopening, and the challenge to jurisdiction failed. On the merits, the section 68 addition on share sale proceeds was deleted because the transactions were disclosed as part of regular share trading business, supported by contract notes, demat and bank records, and no exempt long-term capital gains had been claimed.
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