Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
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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.
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