Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Reassessment notices under Section 148 must be issued within the applicable limitation period. The original six-year period expired on 31 March 2020, while the relevant extension notification covered only notices whose original limitation expired on 31 March 2021; it therefore did not extend time for a notice issued on 1 April 2021. Such notice was time-barred, requiring the consequential assessment orders to be set aside. Section 292BB addresses defects in service where an assessee participates in proceedings despite ineffective service; it cannot validate a reassessment notice issued after the statutory limitation period.
Reassessment notices under Section 148 must be issued within the applicable limitation period. The original six-year period expired on 31 March 2020, while the relevant extension notification covered only notices whose original limitation expired on 31 March 2021; it therefore did not extend time for a notice issued on 1 April 2021. Such notice was time-barred, requiring the consequential assessment orders to be set aside. Section 292BB addresses defects in service where an assessee participates in proceedings despite ineffective service; it cannot validate a reassessment notice issued after the statutory limitation period.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
