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 : Court ruled that reassessment notices under Section 148 must be issued through the faceless mechanism under Section 151A and the 2...
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...
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 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.
ITAT Delhi held that reassessment proceedings were invalid since the section 148 notice was issued after 1 April 2021 for AY 2015-16, making it barred by limitation under settled Supreme Court law.
The ITAT Chennai held a reassessment notice under section 148 invalid as it was issued after the statutory limitation expired, emphasizing strict compliance with time limits.
CESTAT Mumbai held that order rejecting refund of excess CVD [Countervailing duty] paid on import of mobile handsets not sustainable since amendment of bill of entry under section 149 of the Customs Act is allowed mode of modifying assessment.
Karnataka High Court held that inadvertent error in shipping bills, which are permitted to be corrected under section 149 of the Customs Act, cannot be allowed to defeat substantive claim of exports under MEIS. Accordingly, writ disposed of with direction to re-consider the claim.
The Tribunal held that reassessment initiated after three years was void because approval was taken from an incompetent authority. The key takeaway is strict compliance with section 151(ii) is mandatory and jurisdictional.
The issue was whether reassessment could be initiated while the time to file a belated return was still open. The Tribunal held such reopening premature and void, as income cannot be said to have escaped assessment.
The Tribunal held that deduction under section 80-IA cannot be allowed mechanically based on past relief. Each infrastructure project must be independently examined to determine whether it qualifies as development or is merely a works contract.
The Tribunal reaffirmed that satisfaction must be recorded contemporaneously or immediately after the searched person’s assessment. Any belated recording invalidates the assumption of jurisdiction under section 153C.
The Tribunal held that a notice issued under section 148 on 31.07.2022 for AY 2014-15 was barred by limitation under the amended section 149. Reassessment proceedings were quashed as void ab initio.
