Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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For assessment years beginning on or before 1 April 2021, the first proviso to section 149(1) retains the limitation period under the erstwhile reassessment regime as a threshold bar. A reassessment notice for AY 2015-16, issued after the applicable six-year period had expired, was therefore time-barred. Compliance with section 148A and any exclusion or extension under the former third and fourth provisos to section 149(1) could not revive a notice prohibited by the first proviso. The ITAT quashed the reassessment notice and consequential reassessment order; other grounds became academic.
For assessment years beginning on or before 1 April 2021, the first proviso to section 149(1) retains the limitation period under the erstwhile reassessment regime as a threshold bar. A reassessment notice for AY 2015-16, issued after the applicable six-year period had expired, was therefore time-barred. Compliance with section 148A and any exclusion or extension under the former third and fourth provisos to section 149(1) could not revive a notice prohibited by the first proviso. The ITAT quashed the reassessment notice and consequential reassessment order; other grounds became academic.
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