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Reassessment initiated beyond 4 years was quashed as assessee had disclosed the information with regard to the sale of the agricultural land and all the particulars with regard to sale of agricultural land was disclosed before AO in full extent and there was no failure on the part of assessee with regard to providing material facts and the notice issued under Section 148 and 149 of the Act for re-opening assessment.
Explore the intricacies of the time limits for issuing notices under Section 149 of the Income Tax Department with this article. Find out the three-year limit and conditions specified for issuing such notices.
Delhi High Court held that notice for reopening of assessment issued u/s. 148 of the Income Tax Act on the last date of the limitation period cannot be said be have been issued beyond the period of limitation.
Appellant’s conviction for the offence punishable under Section 302, read with Section 34 of IPC was set aside as there was no material to prove the existence of common intention which was the necessary ingredient of Section 34 of IPC.
Held that the importer is allowed to choose the more beneficial provision and cannot be forced to opt for / follow the non-beneficial provision. Accordingly, the goods in question Peas [Pisum Sativum] was present both in Sl No.20 and Sl No.20A of the basic Notification No.50/2017 Cus dated 30.6.2017 and hence assessee eligible to avail benefit of NIL rate of BCD.
In a case involving Anand Persad Jaiswal, ITAT Delhi ruled that interest income earned by a non-resident Indian (NRI) from a foreign bank is not taxable in India under section 5(2) of the Income Tax Act.
Madras High Court held that initiation of proceedings for reassessment under section 147 of the Income Tax Act based on material already on record and without new/ tangible information is bad-in-law and liable to be quashed.
Delhi High Court held that amendment of shipping bill u/s 149 of the Customs Act, 1962 allowed based on the documentary evidences which was in existence at the time the goods were exported.
Delhi High Court held that drawback benefit is duly available on export of gold dore bars on payment of only additional duty under section 3 of the Customs Tariff Act at the time of import.
Bombay High Court held that Para 3(a) of Circular No. 36/2010 Customs dated 23.09.2010 imposing time limits for amending shipping bills is ultra vires of Section 149 of the Customs Act, 1962.
