Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
For assessment years beginning on or before 1 April 2021, the first proviso to section 149(1) preserves the pre-Finance Act 2021 limitation for reassessment notices. The note states that a notice for AY 2016-17 issued after the earlier six-year period was time-barred, rendering the reassessment and consequential assessment invalid. It further addresses additions under section 68 on sale proceeds of unquoted shares: where acquisition, holding and sale were supported by banking records, balance-sheet disclosures, sale bills and purchaser confirmations, and no evidence linked the assessee to an alleged cash trail, sale proceeds could not be treated as unexplained cash credit. An ad hoc profit addition without substantive material was also deleted.
For assessment years beginning on or before 1 April 2021, the first proviso to section 149(1) preserves the pre-Finance Act 2021 limitation for reassessment notices. The note states that a notice for AY 2016-17 issued after the earlier six-year period was time-barred, rendering the reassessment and consequential assessment invalid. It further addresses additions under section 68 on sale proceeds of unquoted shares: where acquisition, holding and sale were supported by banking records, balance-sheet disclosures, sale bills and purchaser confirmations, and no evidence linked the assessee to an alleged cash trail, sale proceeds could not be treated as unexplained cash credit. An ad hoc profit addition without substantive material was also deleted.
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