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...
Reopening based on information from the Investigation Wing was invalid because the recorded reasons showed only suspicion and a request for scrutiny, not an independent reason to believe that income had escaped assessment. The Tribunal held that borrowed satisfaction, without the Assessing Officer's own enquiry or a live link between material and escapement, could not sustain reassessment. It also held that assessment could not stand because no valid notice under section 143(2) was issued for the relevant assessment year; a notice for a different year was not a curable typographical error. The reassessment and assessment order were quashed and the appeal was allowed.
Reopening based on information from the Investigation Wing was invalid because the recorded reasons showed only suspicion and a request for scrutiny, not an independent reason to believe that income had escaped assessment. The Tribunal held that borrowed satisfaction, without the Assessing Officer's own enquiry or a live link between material and escapement, could not sustain reassessment. It also held that assessment could not stand because no valid notice under section 143(2) was issued for the relevant assessment year; a notice for a different year was not a curable typographical error. The reassessment and assessment order were quashed and the appeal was allowed.
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