Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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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