Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
The High Court considered the validity of reassessment notices issued u/s 148 of the Income Tax Act, 1961 in light of the Finance Act, 2021. It was held that the reassessment process should have complied with the provisions of the Finance Act, 2021, as per a previous decision. The Court found that the respondent-Department's actions were in contravention of the Finance Act, 2021 and directives from the Supreme Court. Therefore, the notices and subsequent proceedings were deemed illegal and quashed. The consequential orders passed by the respondent Department were also nullified due to the procedural errors in initiating the proceedings. The Court set aside the Show Cause notices and orders, allowing both parties to proceed as per the law.
The High Court considered the validity of reassessment notices issued u/s 148 of the Income Tax Act, 1961 in light of the Finance Act, 2021. It was held that the reassessment process should have complied with the provisions of the Finance Act, 2021, as per a previous decision. The Court found that the respondent-Department's actions were in contravention of the Finance Act, 2021 and directives from the Supreme Court. Therefore, the notices and subsequent proceedings were deemed illegal and quashed. The consequential orders passed by the respondent Department were also nullified due to the procedural errors in initiating the proceedings. The Court set aside the Show Cause notices and orders, allowing both parties to proceed as per the law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
