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 : The Bombay High Court held that proceedings under Section 153C were barred by limitation as the assessments were not completed wit...
Income Tax : The ITAT held that reassessment notices issued after the surviving limitation period prescribed by the Supreme Court were invalid....
Income Tax : ITAT Chennai held that the reassessment notice issued on 02.04.2022 for AY 2015-16 was barred by limitation under Section 149, fol...
Income Tax : The Gujarat High Court held that after considering the ledger entries correctly, the alleged escaped income was only ₹45 lakh, b...
Income Tax : The Telangana High Court permitted the petitioner to withdraw the writ petition challenging the reassessment order passed under Se...
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...
Calcutta High Court held that considering the provisions, order passed u/s 148A(d) is within three years and accordingly, Principal CIT (PCIT) and not the Principal Chief CIT (PCCIT) is ‘Specified Authority’ for approval of the same. Thus, AO rightly took approval from Principal CIT.
ITAT Mumbai held that reopening of assessment prior to disposing of the objections filed by the assessee is unsustainable and bad-in-law.
Calcutta High Court has granted a stay on initiation of reassessment proceedings beyond 6 years in case of RPC Commercial LLP. Court found that jurisdiction of assessing officer to issue notice under Section 148 of Income Tax Act was barred by limitation under Section 149(1)(a)/(1)(b).
Discover the recent ruling by the Delhi High Court quashing time-barred reassessment proceedings for escaped income below the mandatory monetary threshold.
ITAT Indore held that reassessment proceedings initiated u/s 148 stood abated by virtue of search and seizure action u/s 132(1). Hence, reassessment order passed thereon u/s 147 is illegal.
IOCL was not entitled for the conversion of DEEC shipping bills to drawback shipping bills since it was barred by limitation and was rightly rejected by the competent authority and for the reason for non-filing of the requisite documents in terms of Section 149 of the Customs Act as well as the Circular.
Gujarat High Court held that in respect of the proceedings where the first proviso to Section 149(1)(b) is attracted, the benefit of the Taxation and Other Laws (Relaxation And Amendment of Certain Provisions) Act, 2020 (TOLA 2020) will not be available to the revenue.
Sylph Technologies Limited Vs Principal Chief Commissioner of Income Tax (Madhya Pradesh HC) The time limit for issue of notice under section 149 is in respect of Section 148 and not for Section 148A. 1. The AO had issued issued a notice dated 28.06.2021 under pre-amended sec. 148 of the Income tax Act. 2. Later […]
Hemant Gokhru vs. UOI & Ors (Rajasthan High Court) Learned Senior Counsel Shri Balia assisted by Shri Priyansh Arora submits that as per first proviso to Section 149 of the Income Tax Act, the impugned notice dated 22.7.2022 issued to the petitioner under Section 148 for the assessment year 2014-2015 is without jurisdiction because it […]
Challenge in writ petition before Punjab and Haryana High Court was to Notice under section 148 and subsequent order under section 148-A(d) as well as CBDT Instructions No.1 of 2022 dated 11.05.2022.
