Income Tax : Understand Section 194S of the Income Tax Act on 1% TDS for Virtual Digital Asset transfers, including deductor rules, compliance,...
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 the reassessment notice issued on 26.07.2022 was beyond the permissible timeline under the surviving limita...
Income Tax : Mumbai ITAT held that reassessment notice issued under Section 148 for AY 2015-16 on 31.07.2022 was barred by limitation under Sec...
Income Tax : ITAT ruled that appellate powers under Section 251 are confined to assessment year under appeal. Directions to reopen completed as...
Income Tax : The Tribunal ruled that the Revenue must establish a direct connection between seized material and the assessee’s taxable income...
Income Tax : Hyderabad ITAT held that a notice issued under Section 148 after six years from the end of AY 2015-16 was invalid. The Tribunal ru...
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 issue was whether reassessment notices issued after the permissible surviving period were valid. The Court held they were time-barred and quashed them, reinforcing strict adherence to limitation rules.
The issue was whether courts can take cognizance of company fraud offences on a private complaint. The Supreme Court held that offences linked to fraud punishment require an SFIO or authorised government complaint, reinforcing statutory safeguards.
Gujarat High Court held that reopening of assessment u/s. 147 of the Income Tax Act solely on the basis of material found by AO of searched person without satisfaction note as prescribed under section 153C is untenable in law.
ITAT Hyderabad held that notices under Section 148 issued on 01.04.2021 without following mandatory Section 148A procedures are invalid. The Tribunal quashed reassessment orders, emphasizing that procedural compliance is jurisdictional and essential.
The High Court quashed a reassessment for A.Y. 2015–16 where the Section 148 notice was issued after 1 April 2021. Relying on the Revenue’s binding concession before the Supreme Court, all consequential actions were set aside.
The Revenue sought to tax total on-money collected under section 69A. The ITAT ruled that on-money forms part of business receipts and must be assessed on a profit basis. The key takeaway is that taxation cannot ignore unaccounted expenses linked to such receipts.
The Tribunal held that reassessment notices issued after 1 April 2021 for AY 2015-16 are legally unsustainable. Since jurisdiction itself failed under TOLA principles, the entire reassessment was quashed.
The issue was whether a notice dated 31-03-2021 but digitally signed on 01-04-2021 was valid. The ITAT held the notice was issued under the new regime without following section 148A, rendering reassessment void.
The AO issued reassessment notices during the post-Ashish Agrawal transition phase. Applying later Supreme Court law, the ITAT held AY 2015-16 is beyond the permissible reopening period.
The issue was whether a reassessment notice issued in July 2022 for AY 2015-16 was valid. The Tribunal held it to be barred by limitation, rendering the entire reassessment void.
