Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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Section 153A's extended ten-year reassessment period is described as being computed differently from the six-year period. The six assessment years immediately precede the assessment year relevant to the search year, whereas the ten-year period runs from the end of that assessment year and includes the search assessment year as its first year. The note states that this interpretation also applies where seized material is received by the jurisdictional Assessing Officer under section 153C. On that computation, the reassessment notice for AY 2015-16 was treated as beyond the permissible period and quashed as time-barred.
Section 153A's extended ten-year reassessment period is described as being computed differently from the six-year period. The six assessment years immediately precede the assessment year relevant to the search year, whereas the ten-year period runs from the end of that assessment year and includes the search assessment year as its first year. The note states that this interpretation also applies where seized material is received by the jurisdictional Assessing Officer under section 153C. On that computation, the reassessment notice for AY 2015-16 was treated as beyond the permissible period and quashed as time-barred.
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