Suspension of insolvency professional registration prevents continued Resolution Professional appointments and restricts interim stays that effectivel...
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Disclosure of Bitcoin trading sales, purchases, opening and closing stock, and net income under business profits was sufficient for reassessment purposes. Where the income-tax return contains no distinct head for cryptocurrency income, failure to report transactions under a separate head does not establish a failure to make full and true disclosure. The alleged non-disclosure was contradicted by the return, reply, and reconciliation statement; consequently, the reassessment notice and order were quashed and the writ petition succeeded.
Disclosure of Bitcoin trading sales, purchases, opening and closing stock, and net income under business profits was sufficient for reassessment purposes. Where the income-tax return contains no distinct head for cryptocurrency income, failure to report transactions under a separate head does not establish a failure to make full and true disclosure. The alleged non-disclosure was contradicted by the return, reply, and reconciliation statement; consequently, the reassessment notice and order were quashed and the writ petition succeeded.
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