The SC confirmed that reassessment beyond four years is invalid where full material facts were disclosed during scrutiny. A mere change of opinion cannot justify reopening.
Affirming the High Court, the Supreme Court held that syndicate income assessable in the hands of the AOP cannot be reassessed in members’ hands.
SC dismissed the Revenue’s challenge and affirmed that Common Area Maintenance charges are service-related payments, not rent, and attract TDS under Section 194C.
The SC upheld the ITAT’s ruling that fresh assessments were barred by limitation since the Assessing Officer acted beyond the period prescribed under Section 153(2A).
The SC examined a complaint of adverse credit reporting despite no loan or default. Banks were directed to file affidavits clarifying whether any liability existed.
The Supreme Court granted interim bail while directing day-to-day trial, balancing liberty with strict conditions despite the High Court’s refusal of regular bail.
Supreme Court held that deduction under section 36(1)(viii) of the Income Tax Act is not general exemption. Such deduction is specific incentive attached strictly to the profits arising from a defined activity namely, the provision of long-term finance.
Supreme Court upheld the quashing of reassessment where scrutiny queries on deductions were earlier examined. It held that reopening based only on reappraisal of the same material amounts to an impermissible change of opinion.
The Supreme Court held that a chit subscriber incurs a present debt payable in installments, allowing recovery of future subscriptions upon default.
Court issued notice after allegations that enrolment rules were bypassed through paid oral interviews, and sought an explanation from the State Bar Council.
