Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
The High Court quashed the impugned reassessment notices issued u/s 148, holding that the reassessment action was barred by limitation u/s 149(1) read with the First Proviso introduced by the Finance Act, 2021. The Court observed that the Supreme Court's decision in Abhisar Buildwell did not confer a carte blanche to the Revenue to initiate reassessment proceedings overriding the statutory time limits. The observations in Abhisar Buildwell merely clarified that annulment of search assessments would not deprive the Revenue of its power to reassess, subject to fulfilling the conditions u/ss 147 and 148. However, the Revenue failed to initiate reassessment within the prescribed time limits u/s 149(1)(b) or Sections 153A/153C, as applicable prior to the Finance Act, 2021 amendments. The High Court held that the statute does not provide for excluding the period consumed in pursuing annulled search assessments, and the rigid time frames u/s 149 must be adhered to.
The High Court quashed the impugned reassessment notices issued u/s 148, holding that the reassessment action was barred by limitation u/s 149(1) read with the First Proviso introduced by the Finance Act, 2021. The Court observed that the Supreme Court's decision in Abhisar Buildwell did not confer a carte blanche to the Revenue to initiate reassessment proceedings overriding the statutory time limits. The observations in Abhisar Buildwell merely clarified that annulment of search assessments would not deprive the Revenue of its power to reassess, subject to fulfilling the conditions u/ss 147 and 148. However, the Revenue failed to initiate reassessment within the prescribed time limits u/s 149(1)(b) or Sections 153A/153C, as applicable prior to the Finance Act, 2021 amendments. The High Court held that the statute does not provide for excluding the period consumed in pursuing annulled search assessments, and the rigid time frames u/s 149 must be adhered to.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
