Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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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