Orders issued under Sections 147A(d) and 148 were quashed as arbitrary, and the delayed SLP challenging them was dismissed, finalizing the invalidation of reassessment proceedings.
The Bombay High Court held the reassessment and associated notices illegal and arbitrary, setting aside orders under Sections 147A(d) and 148.
ITAT Hyderabad condoned a 292-day delay in filing an appeal due to the assessee’s age, dependence, and overseas travel. The case is remanded for fresh adjudication of capital gains, ensuring fair opportunity and justice.
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The Tribunal found that once additional evidence is admitted and remand is called for, the Assessing Officer must be given an effective opportunity to respond. Deciding the appeal without waiting for the remand report was held to be legally unsustainable.
The regulator upheld the merger of Scheme A with larger asset classes citing its small corpus and concentration risk. The move improves diversification, stability, and long-term retirement outcomes for subscribers.
ITAT Pune ruled that the Maharashtra PSI-2007 subsidy of ₹37.85 crore is a capital receipt. The order reversed CIT(A) and AO’s revenue treatment, protecting the assessee from taxation.
NCLT Mumbai held that an operational creditor, cannot be converted into a financial creditor by way of a Settlement with the corporate debtor. Accordingly, application for classification of claim as financial creditor dismissed.
Madras High Court held that reassessment proceedings under section 147 of the Income Tax Act against the deceased assessee sustained since income tax department not informed about the death of the deceased assessee.
