Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
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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