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Income Tax : ITAT Mumbai quashed reassessment after holding Section 148 notice and Section 148A(d) order were approved by an incompetent author...
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The High Court held that reassessment notices issued after the death of the assessee were a nullity and could not be sustained. However, the Revenue was granted liberty to proceed against the legal representatives in accordance with law.
ITAT Hyderabad held that reassessment beyond three years was invalid as the Assessing Officer failed to demonstrate that the alleged escaped income was represented by an asset, expenditure, or book entry as required under Section 149(1)(b). The ruling underscores the mandatory jurisdictional conditions for reopening assessments.
Tribunal held that reassessment beyond three years was not permissible where alleged escaped income was only ₹38 lakh. Since statutory threshold of ₹50 lakh was not met, reassessment was quashed.
The guide provides detailed rules for VDA transfers executed through exchanges, brokers, and payment gateways. It identifies who is responsible for deducting tax in different transaction structures and compliance scenarios.
The final assessment order was emailed to the assessee after the limitation period had expired. The Tribunal held that the delayed communication rendered the assessment time-barred.
The Mumbai ITAT held that a notice under Section 148 cannot be issued beyond three years where the alleged escaped income is less than ₹50 lakh. The reassessment proceedings were therefore declared invalid and quashed.
The Court held that while the assessees reply period had to be excluded under Section 149, the Assessing Officer still failed to issue the Section 148 notice within the extended statutory timeline. The reassessment notice was therefore quashed as time-barred.
The Delhi High Court held that the period granted to an assessee for filing a reply under Section 148A(b) must be excluded while calculating limitation under Section 149. Since the Assessing Officer acted within the permissible period, the reassessment proceedings were upheld.
The Tribunal found that CBDT notifications issued under TOLA extended the period for departmental actions, including rectification proceedings, thereby saving the order from being time-barred.
The Tribunal held that for AY 2015-16, the six-year limitation period under the unamended law expired on 31.03.2022. Since the notice under Section 148 was issued on 23.04.2022, it was time-barred. The reassessment proceedings and consequential assessment order were therefore quashed.
