The High Court quashed reassessment proceedings initiated after the company had already been liquidated by NCLT, holding such action legally unsustainable.
The High Court held that exemption under Section 11 cannot be denied merely because Form 10 was filed belatedly. The key takeaway is that substantive tax benefits for charitable trusts prevail over procedural lapses.
The issue was whether a reassessment notice issued after 31.03.2021 for AY 2014-15 was within limitation. ITAT held the notice time-barred in light of the Supreme Court’s Rajeev Bansal ruling and quashed the entire reassessment.
The High Court suspended the jail sentence in a tax offence case during pendency of revision. The key takeaway is that substantial grounds in revision justify interim relief.
It was ruled that a reassessment notice issued after expiry of the extended limitation is void. The takeaway is that delayed action under the new reassessment regime is fatal.
The notice under section 143(2) did not conform to the CBDT-prescribed format. ITAT ruled that a defective notice strikes at jurisdiction and invalidates the assessment.
The Tribunal held that revision under section 263 cannot introduce issues outside the original limited scrutiny mandate. The key takeaway is that the PCIT cannot widen the inquiry beyond CASS-selected parameters.
The Tribunal held that cash deposits arising from genuine sales already recorded in books cannot be taxed again as unexplained money. The key takeaway is that such additions amount to impermissible double taxation.
The dispute concerned denial of exemption due to belated filing of Form-10B. ITAT held the delay was not fatal and directed fresh consideration in light of the CBDT circular.
It was ruled that substituting sale consideration with stamp duty value during CPC processing is impermissible. Such action deprives taxpayers of the statutory right to seek DVO valuation.
