Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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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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