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...
Ramachandra Reddy Vs DCIT: The Karnataka High Court quashes reassessment notices issued by jurisdictional AOs, holding that after the March 29, 2022 notification, all such proceedings must be conducted via the mandatory faceless regime under Section 151A.
ITAT Delhi ruled that reassessment notices issued in July 2022 for AYs 2015-16 and 2016-17 were barred by limitation, citing a Supreme Court precedent.
Supreme Court held that once exports are genuine and fall within the notified category, inadvertent mistakes of procedure cannot be treated as fatal, especially where they are corrected under statutory authority. Thus, appeal allowed. Accordingly, benefit of MEIS allowed.
Under Section 153C, the six-year limitation period for issuing a notice to a person other than the one searched begins from the date on which the documents or materials were received by AO, not from the date of the search or notice.
Conversion of MEIS shipping bills to the DEPB scheme was permissible where bills not ‘free shipping bills as the scale of examination under both schemes was similar and the non-examination of goods could not be attributed to the assessee.
The Income Tax Appellate Tribunal in Mumbai has quashed reassessment proceedings against Babu Hasan Shaikh, ruling that the notice was issued after the statutory time limit had expired.
The ITAT Delhi has ruled that reassessment notices issued under Section 148 after the prescribed limitation cut-off date are invalid, providing relief to the assessee.
The ITAT Delhi has dismissed a reassessment appeal, ruling that a Section 148 notice issued on March 31 but dispatched on April 20 was invalid. The delay in service rendered the assessment void as it fell under new, amended law.
ITAT quashes reassessment against Mauritius-based FPI, ruling that sanction from correct authority under section 151 was mandatory.
Export incentives in terms of Notification No.19/2015-20 dated 17.08.2021 couldn’t be denied for inadvertent error in shipping bill as merely because of a software system was introduced, it would not mean that the software would override the principles of natural justice and rights of the parties.
