Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Section 148A requires the Assessing Officer to follow the prescribed sequence before issuing a reassessment notice under section 148. Where approval has been obtained to conduct an inquiry under section 148A(a), the Officer must conduct that inquiry before providing the taxpayer an opportunity to respond under section 148A(b). The text states that bypassing the approved inquiry renders the section 148A(b) notice invalid. Consequently, the subsequent order under section 148A(d) and notice under section 148 are also unsustainable. The reassessment proceedings were quashed, with the matter remitted for the required inquiry and further action in accordance with law.
Section 148A requires the Assessing Officer to follow the prescribed sequence before issuing a reassessment notice under section 148. Where approval has been obtained to conduct an inquiry under section 148A(a), the Officer must conduct that inquiry before providing the taxpayer an opportunity to respond under section 148A(b). The text states that bypassing the approved inquiry renders the section 148A(b) notice invalid. Consequently, the subsequent order under section 148A(d) and notice under section 148 are also unsustainable. The reassessment proceedings were quashed, with the matter remitted for the required inquiry and further action in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
