Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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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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