Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
Revision under section 263 was unwarranted where the Assessing Officer had examined the assessee's accumulation claim, Form No. 10, board resolutions and utilisation particulars, and had adopted a possible view on the material before him. The Commissioner could not invoke revision merely because he wanted deeper verification or considered another view preferable; absent independent demonstration that the assessment order was erroneous and prejudicial to revenue, the exercise amounted to an impermissible fishing enquiry. The Court also held that Explanation 2 to section 263 could not be applied without prior notice to the assessee. The alleged tax consequence of non-utilisation of accumulated income did not arise in the relevant assessment year.
Revision under section 263 was unwarranted where the Assessing Officer had examined the assessee's accumulation claim, Form No. 10, board resolutions and utilisation particulars, and had adopted a possible view on the material before him. The Commissioner could not invoke revision merely because he wanted deeper verification or considered another view preferable; absent independent demonstration that the assessment order was erroneous and prejudicial to revenue, the exercise amounted to an impermissible fishing enquiry. The Court also held that Explanation 2 to section 263 could not be applied without prior notice to the assessee. The alleged tax consequence of non-utilisation of accumulated income did not arise in the relevant assessment year.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
