Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Provisions relating to reassessment proceedings - It has been proposed that the section 148 of the Act may be amended to provide that a return in response to a notice u/s 148 of the Act shall be furnished within three months from the end of the month in which such notice is issued, or within such further time as may be allowed by the AO on a request made in this behalf by the assessee. However, any return which is furnished beyond the period allowed in the section 148 to furnish such return of income shall not be deemed to be a return u/s 139 of the Act. As a result, the consequential requirements viz. notice under section 143(2) etc. would not be mandatory for such returns.
Provisions relating to reassessment proceedings - It has been proposed that the section 148 of the Act may be amended to provide that a return in response to a notice u/s 148 of the Act shall be furnished within three months from the end of the month in which such notice is issued, or within such further time as may be allowed by the AO on a request made in this behalf by the assessee. However, any return which is furnished beyond the period allowed in the section 148 to furnish such return of income shall not be deemed to be a return u/s 139 of the Act. As a result, the consequential requirements viz. notice under section 143(2) etc. would not be mandatory for such returns.
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