Double taxation of turnover requires holistic verification across separately registered units and permits limited rectification of overlapping assessm...
Reassessment jurisdiction for alleged sham mutual-fund transactions requires a reason to believe supported by a rational, live nexus with material specific to the investor. Allegations that a mutual fund manipulated accounting or inflated distributable surplus do not, without prima facie material linking the investor to knowing participation or a fictitious loss claim, establish income escaping assessment. The reassessment order and notice were quashed because the information concerning the fund lacked an assessee-specific correlation.
Reassessment jurisdiction for alleged sham mutual-fund transactions requires a reason to believe supported by a rational, live nexus with material specific to the investor. Allegations that a mutual fund manipulated accounting or inflated distributable surplus do not, without prima facie material linking the investor to knowing participation or a fictitious loss claim, establish income escaping assessment. The reassessment order and notice were quashed because the information concerning the fund lacked an assessee-specific correlation.
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TaxTMI 
TaxTMI 
