Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial a...
Non-participating bidders cannot disturb concluded liquidation sales on speculative prejudice, while costs for such challenges must remain proportiona...
Returns filed after the period stated in a reassessment notice are not non est where no statutory embargo applies; they must be recognised as returns in the reassessment proceedings. Once a return is on record in response to a notice under Section 142(1), issuance and service of notice under Section 143(2) are mandatory. Absence of that statutory notice creates a procedural defect that invalidates the reassessment assessment and prevents it from standing.
Returns filed after the period stated in a reassessment notice are not non est where no statutory embargo applies; they must be recognised as returns in the reassessment proceedings. Once a return is on record in response to a notice under Section 142(1), issuance and service of notice under Section 143(2) are mandatory. Absence of that statutory notice creates a procedural defect that invalidates the reassessment assessment and prevents it from standing.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
