Tax-audit exemption for substantially State-funded educational universities prevents audit-failure penalties where income qualifies for statutory exem...
Functional, asset and risk analysis excludes diversified technology companies from captive software development comparables under cost-plus arrangemen...
Mobile-phone electronic evidence failed to establish customs undervaluation, while duty survived on non-authentic origin certificates without importer...
Automotive radio classification treats integrated infotainment features as supplementary, placing complete and qualifying unassembled units under the ...
Separate corporate personality prevents directors from being personally liable for company deposits without a guarantee or independent legal undertaki...
Section 148A reassessment procedure requires the Assessing Officer to identify the income alleged to have escaped assessment in the notice, consider the taxpayer's response, pass a reasoned order, and obtain prescribed approval. A reassessment addition for alleged loan-repayment cash deposits is unsustainable where those deposits were not identified in the section 148A proceedings or approved as escaped income. Where the originally proposed cash deposits were dropped after accepting the taxpayer's explanation, distinct deposits cannot subsequently be introduced through reassessment. The loan-repayment addition was therefore deleted, without adjudicating the remaining merits grounds.
Section 148A reassessment procedure requires the Assessing Officer to identify the income alleged to have escaped assessment in the notice, consider the taxpayer's response, pass a reasoned order, and obtain prescribed approval. A reassessment addition for alleged loan-repayment cash deposits is unsustainable where those deposits were not identified in the section 148A proceedings or approved as escaped income. Where the originally proposed cash deposits were dropped after accepting the taxpayer's explanation, distinct deposits cannot subsequently be introduced through reassessment. The loan-repayment addition was therefore deleted, without adjudicating the remaining merits grounds.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4912 
