Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Page of 4786
Press 'Enter' after typing page number.
661 to 680 of 95715 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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 4786
Join Channel
TaxTMI 
