Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
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Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Reassessment after search was held time-barred for A.Y. 2013-14 because the ten-year limit under section 149 extended only up to A.Y. 2014-15. For A.Ys. 2014-15 to 2017-18, reopening beyond six years failed because the alleged escaped income was not represented as an asset, so jurisdiction was lacking. For A.Ys. 2018-19 to 2020-21, the notices were invalid since the income alleged did not satisfy the statutory conditions for reopening beyond three years under section 149(1)(b). The Tribunal also reduced the gross profit rate on unaccounted sales to 10% for A.Y. 2021-22, held the post-search assessment for A.Y. 2022-23 invalid for want of section 148/148B procedure, and deleted the section 41(1) addition for A.Y. 2023-24 as no cessation of liability was shown.
Reassessment after search was held time-barred for A.Y. 2013-14 because the ten-year limit under section 149 extended only up to A.Y. 2014-15. For A.Ys. 2014-15 to 2017-18, reopening beyond six years failed because the alleged escaped income was not represented as an asset, so jurisdiction was lacking. For A.Ys. 2018-19 to 2020-21, the notices were invalid since the income alleged did not satisfy the statutory conditions for reopening beyond three years under section 149(1)(b). The Tribunal also reduced the gross profit rate on unaccounted sales to 10% for A.Y. 2021-22, held the post-search assessment for A.Y. 2022-23 invalid for want of section 148/148B procedure, and deleted the section 41(1) addition for A.Y. 2023-24 as no cessation of liability was shown.
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