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 : Gujarat HC quashed Section 148 reassessment as it was issued beyond Section 149 limitation, holding Section 152(3) applies to sear...
Income Tax : ITAT Mumbai quashed a Section 148 notice issued after the limitation under the first proviso to Section 149, holding the reassessm...
Income Tax : Receipts earned by a German resident individual from rendering managerial, consultancy and business development services outside I...
Income Tax : The Madras High Court held that delayed transfer of seized documents under Section 132(9A) did not invalidate notices issued under...
Income Tax : The Tribunal ruled that an Investigation Wing report alone cannot justify an addition under Section 68 without independent verific...
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 ruled that repeated reopening cannot survive where statutory timelines are breached. A reassessment initiated beyond the permissible surviving period was quashed in entirety.
The Tribunal held that reassessment proceedings initiated after the statutory limitation period were invalid. Following the Supreme Courts ruling on reassessment timelines, the entire reopening and resulting additions were quashed.
Addition of ₹2.28 crore made as long-term capital gains in the hands of the assessee society was deleted in full as amount paid by a developer directly to individual members of a co-operative housing society pursuant to redevelopment cannot be taxed as capital gains in the hands of the society, particularly when the society itself never received the amount.
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.
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.
ITAT held that Section 153C cannot be invoked where the satisfaction/hand-over date is after 01.04.2021, quashing multiple assessments framed thereafter. The ruling follows the Madras High Court and reinforces Section 153C(3)’s statutory bar.
The tribunal held that the reassessment notice issued by relying on COVID-era extensions was invalid due to procedural lapses. As a result, the entire reassessment and addition were set aside.
With the reassessment notice quashed, the consequential assessment order and demand were automatically annulled. The ruling highlights that taxpayers cannot be burdened where initiation itself is unlawful.
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.
