The tribunal examined whether reassessment could be initiated by an officer lacking jurisdiction over a non-resident assessee. It held that notices issued by an incorrect authority render the entire reassessment void.
SC upheld the quashing of reassessment where identical foreign investment transactions were examined and accepted in subsequent assessments.
The High Court held that once identical transactions were examined and accepted in later assessments, the basis for reopening earlier years did not survive.
The tribunal held that foreign exchange fluctuation loss was deductible as it was recorded under a consistent mercantile accounting system and in line with applicable accounting standards. The ruling reiterates that such losses are allowable when gains are similarly taxed.
The Tribunal held that dismissal of an appeal without effective hearing violated principles of natural justice. The matter was remanded for fresh adjudication with directions to grant adequate opportunity.
The tribunal held that a reassessment notice issued after three years was invalid as sanction was taken from an incompetent authority. The assessment was quashed for non-compliance with section 151(ii) of the Income Tax Act.
The Tribunal upheld revision where the Assessing Officer failed to examine an exempt LTCG claim linked to penny stock manipulation. The ruling affirms that lack of inquiry makes an order erroneous and prejudicial.
Calcutta High Court held that income tax returns filed during victim’s lifetime must be relied upon for assessing income. Compensation was enhanced after rejecting an arbitrary income assessment by Tribunal.
CESTAT Kolkata held that Customs cannot re-assess import value solely on NIDB data. Transaction value must first be rejected on cogent evidence before any enhancement.
CESTAT Kolkata held that once proceedings are initiated under the Customs Broker Licensing Regulations, separate penalty proceedings under the Customs Act are not permissible without independent evidence of offence.
