Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Validity of grant of permission to the petitioner’s assessing authority, to re-assess the petitioner - The HC observed that, since, the assessing officer failed to make any specific order of assessment in terms of Section 29(6) of the Act till 30.09.2016, his powers to make the regular assessment stood exhausted. - The High court quashed the reassessment order dated 17.03.2021 and the permission granted for reassessment, deeming them nullities due to lack of jurisdiction and absence of a valid reason to believe that any part of the petitioner's turnover had escaped assessment.
Validity of grant of permission to the petitioner’s assessing authority, to re-assess the petitioner - The HC observed that, since, the assessing officer failed to make any specific order of assessment in terms of Section 29(6) of the Act till 30.09.2016, his powers to make the regular assessment stood exhausted. - The High court quashed the reassessment order dated 17.03.2021 and the permission granted for reassessment, deeming them nullities due to lack of jurisdiction and absence of a valid reason to believe that any part of the petitioner's turnover had escaped assessment.
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