Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
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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