Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Period of limitation to issue notice for reopening of assessment u/s 149 - The High court emphasized the principle that the validity of a notice u/s 148 must be assessed based on the law in force at the time the notice is issued. It was determined that under the amended provisions, and considering the first proviso to Section 149(1) of the Act, the time limit for issuing a notice for AY 2014-15 had expired on 31st March 2021, rendering the impugned notice dated 31st July 2022 as issued beyond the period of limitation. The court also noted that the fifth proviso to Section 149, which allows for the exclusion of certain periods in computing the limitation period, did not salvage the impugned notice from being time-barred. As a result, the petition was allowed in favor of the petitioner.
Period of limitation to issue notice for reopening of assessment u/s 149 - The High court emphasized the principle that the validity of a notice u/s 148 must be assessed based on the law in force at the time the notice is issued. It was determined that under the amended provisions, and considering the first proviso to Section 149(1) of the Act, the time limit for issuing a notice for AY 2014-15 had expired on 31st March 2021, rendering the impugned notice dated 31st July 2022 as issued beyond the period of limitation. The court also noted that the fifth proviso to Section 149, which allows for the exclusion of certain periods in computing the limitation period, did not salvage the impugned notice from being time-barred. As a result, the petition was allowed in favor of the petitioner.
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