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...
In search-linked reassessment under the post-01.04.2021 regime, a search, a post-assessment statement, and field verification were treated as fresh tangible material supporting a reasoned belief of escapement; the challenge based on change of opinion and absence of incriminating material was rejected. For the unexplained cash credit issue, the Tribunal found that the Revenue relied substantially on an adverse third-party statement that was uncorroborated, while the assessee was denied cross-examination, amounting to a serious breach of natural justice. It also noted that Section 68 applies only to credits received in the relevant year, not opening balances, and remitted the additions for fresh adjudication after cross-examination and proper inquiry.
In search-linked reassessment under the post-01.04.2021 regime, a search, a post-assessment statement, and field verification were treated as fresh tangible material supporting a reasoned belief of escapement; the challenge based on change of opinion and absence of incriminating material was rejected. For the unexplained cash credit issue, the Tribunal found that the Revenue relied substantially on an adverse third-party statement that was uncorroborated, while the assessee was denied cross-examination, amounting to a serious breach of natural justice. It also noted that Section 68 applies only to credits received in the relevant year, not opening balances, and remitted the additions for fresh adjudication after cross-examination and proper inquiry.
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