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 case examined whether reassessment proceedings were valid when approval was obtained from an incorrect authority. The Court held the sanction invalid as it did not comply with statutory requirements, rendering the reassessment void. The ruling highlights strict adherence to approval hierarchy in reopening cases.
Delhi High Court held that challenge to reassessment proceedings initiated under Income Tax Act failed as Court cannot act as an AO and call such documents which otherwise can be done by AO. Accordingly, petition dismissed.
Applying the computation method laid down in Rajeev Bansal, the Tribunal found the notice was issued late. The ruling confirms that delayed notices are void even with extended timelines.
ITAT Mumbai quashed reassessment for AY 2015–16 as time-barred under amended Section 149, since escaped income was below ₹50 lakh; entire penny stock addition u/s 68 was held void without examining merits.
Supreme Court held that initiation of administrative proceedings for disciplinary action against air force pilot not justifiable since criminal court already discharged the officer on the same charges. Also held that discharge is at a higher pedestal than an acquittal.
ITAT Bangalore rules skill development qualifies as education, allowing Sec 11 exemption to charitable trust. Rejects commercial activity view, follows Karnataka HC, and grants full tax relief.
Reassessment proceedings was invalid for a notice issued beyond three years without the sanction of the prescribed higher authority as prior approval must mandatorily be obtained from the authorities specified under Section 151(ii) and approval by the Principal Commissioner was not valid in such cases.
ITAT Mumbai quashes reopening beyond 3 years where escaped income is below ₹50 lakh, holding notice under Section 148 time-barred and invalid, thereby deleting consequential addition.
Orissa High Court held that assessment order set aside as proceedings under section 148 of the Income Tax Act initiated without serving of statutory notice. Accordingly, matter remitted back to AO to serve notice u/s. 148 as not hit by limitation u/s. 149.
The case involved reassessment triggered by a search conducted in 2022. The Court ruled that reopening beyond the 10-year statutory limit is not permissible.
