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The High Court quashed the reassessment notices issued u/s 148 and the consequent initiation of reassessment proceedings, ruling in favor of the assessee. The key points are: 1) Failure to electronically upload Form 10CCB cannot lead to the conclusion that the assessee failed to make a full and true disclosure, as required for reopening assessment u/s 147. 2) For the assessment years 2013-14 and 2014-15, the reassessment action was initiated beyond the maximum permissible period of six years u/s 149, rendering it invalid. 3) Section 80-IA(7) prior to its amendment in 2020 only required furnishing the audit report along with the return, and failure to electronically file it u/r 12 cannot be considered fatal to the claim u/s 80-IA. 4) The requirement of furnishing the audit report before the specified date u/s 44AB was introduced only in 2020, and the court left open the question of its impact post-2020. 5) Section 10B(8) has more imperative language than Section 80-IA(7) regarding furnishing declarations before the due date u/s 139(1).
The High Court quashed the reassessment notices issued u/s 148 and the consequent initiation of reassessment proceedings, ruling in favor of the assessee. The key points are: 1) Failure to electronically upload Form 10CCB cannot lead to the conclusion that the assessee failed to make a full and true disclosure, as required for reopening assessment u/s 147. 2) For the assessment years 2013-14 and 2014-15, the reassessment action was initiated beyond the maximum permissible period of six years u/s 149, rendering it invalid. 3) Section 80-IA(7) prior to its amendment in 2020 only required furnishing the audit report along with the return, and failure to electronically file it u/r 12 cannot be considered fatal to the claim u/s 80-IA. 4) The requirement of furnishing the audit report before the specified date u/s 44AB was introduced only in 2020, and the court left open the question of its impact post-2020. 5) Section 10B(8) has more imperative language than Section 80-IA(7) regarding furnishing declarations before the due date u/s 139(1).
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