https://www.taxtmi.com/caselaws?id=296983 A writ challenge to a Settlement Commission order was maintainable where the order was non-speaking on material objections or otherwise contrary to law. In examining renunciation of rights and subsequent share transfers, the Court stressed that the arrangement had to be tested as a whole; exemptions under sections 47(iii) and 47(iv) could not be assumed where the substance suggested a tax-avoidance structure. It also held that material found in search, together with relatable evidence, could be considered for block assessment under section 158BB. The impugned order was set aside to the extent necessary and the matter remitted for fresh consideration. en-us Wed, 17 Jun 2020 00:00:00 +0530 Sat, 14 Aug 2021 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296983 A writ challenge to a Settlement Commission order was maintainable where the order was non-speaking on material objections or otherwise contrary to law. In examining renunciation of rights and subsequent share transfers, the Court stressed that the arrangement had to be tested as a whole; exemptions under sections 47(iii) and 47(iv) could not be assumed where the substance suggested a tax-avoidance structure. It also held that material found in search, together with relatable evidence, could be considered for block assessment under section 158BB. The impugned order was set aside to the extent necessary and the matter remitted for fresh consideration. Case-Laws Income Tax Wed, 17 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296983