Income Tax : The guide provides detailed rules for VDA transfers executed through exchanges, brokers, and payment gateways. It identifies who i...
Income Tax : ITAT Mumbai quashes reassessment (AY 13-14, 14-15) as AO missed the Rajeev Bansal-mandated "surviving limitation." S. 149 prevails...
Income Tax : Analysis of the Rajeev Bansal Supreme Court ruling on reassessment approvals, clarifying complexities in Section 151 and its impac...
Income Tax : Explore key court rulings on reassessment under Section 148 post-2021 amendments, covering procedural changes, taxpayer rights, an...
Company Law : Overview of Section 149 of the Companies Act, 2013: Board composition, women directors, resident and independent directors' roles,...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : Discover how Finance Act 2021 revamped assessment and reassessment procedures under Income-tax Act, impacting notices, time limits...
Income Tax : The Tribunal held that income could not be assessed in the hands of a firm that had ceased to exist years earlier. Since the depos...
Income Tax : Delhi ITAT held that assessments under Section 153C were invalid where the satisfaction note for the non-searched person was recor...
Income Tax : The Delhi High Court held that the period consumed in granting time to the assessee under Section 148A(b) must be excluded while c...
Income Tax : The High Court held that reassessment notices issued after the death of the assessee were a nullity and could not be sustained. Ho...
Income Tax : ITAT Hyderabad held that reassessment beyond three years was invalid as the Assessing Officer failed to demonstrate that the alleg...
Custom Duty : Learn how to file and process Bill of Entry amendments at Jawahar Lal Nehru Custom House. Get insights on self-approval and office...
The Tribunal held that income could not be assessed in the hands of a firm that had ceased to exist years earlier. Since the deposits belonged to the successor proprietorship concern, the addition was deleted.
Delhi ITAT held that assessments under Section 153C were invalid where the satisfaction note for the non-searched person was recorded after 01.04.2021. The Tribunal ruled that Section 153C(3) barred such proceedings, rendering the assessments void.
The Delhi High Court held that the period consumed in granting time to the assessee under Section 148A(b) must be excluded while computing limitation. As reassessment proceedings were initiated within time, the Section 148 notice was held valid.
The High Court held that reassessment notices issued after the death of the assessee were a nullity and could not be sustained. However, the Revenue was granted liberty to proceed against the legal representatives in accordance with law.
ITAT Hyderabad held that reassessment beyond three years was invalid as the Assessing Officer failed to demonstrate that the alleged escaped income was represented by an asset, expenditure, or book entry as required under Section 149(1)(b). The ruling underscores the mandatory jurisdictional conditions for reopening assessments.
Tribunal held that reassessment beyond three years was not permissible where alleged escaped income was only ₹38 lakh. Since statutory threshold of ₹50 lakh was not met, reassessment was quashed.
The guide provides detailed rules for VDA transfers executed through exchanges, brokers, and payment gateways. It identifies who is responsible for deducting tax in different transaction structures and compliance scenarios.
The final assessment order was emailed to the assessee after the limitation period had expired. The Tribunal held that the delayed communication rendered the assessment time-barred.
The Mumbai ITAT held that a notice under Section 148 cannot be issued beyond three years where the alleged escaped income is less than ₹50 lakh. The reassessment proceedings were therefore declared invalid and quashed.
The Court held that while the assessees reply period had to be excluded under Section 149, the Assessing Officer still failed to issue the Section 148 notice within the extended statutory timeline. The reassessment notice was therefore quashed as time-barred.
