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...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Time sought by an assessee through adjournments in proceedings under section 148A(b), including extended time, must be excluded while computing limitation under the fifth and sixth provisos to section 149. Where no reply is ultimately filed and a further adjournment request is rejected, the rejection date is treated as the deemed date of reply. On that basis, the Assessing Officer had the statutory period available thereafter, so the order under section 148A(d) and the consequential notice under section 148 issued on the next day were within limitation. The limitation challenge was rejected and the reassessment proceedings were sustained.
Time sought by an assessee through adjournments in proceedings under section 148A(b), including extended time, must be excluded while computing limitation under the fifth and sixth provisos to section 149. Where no reply is ultimately filed and a further adjournment request is rejected, the rejection date is treated as the deemed date of reply. On that basis, the Assessing Officer had the statutory period available thereafter, so the order under section 148A(d) and the consequential notice under section 148 issued on the next day were within limitation. The limitation challenge was rejected and the reassessment proceedings were sustained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
