Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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...
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This judgment deals with the validity of reassessment notices issued u/s 148 of the Income Tax Act between July and September 2022, in light of the Tax Ordinance and the Supreme Court's decision in Ashish Agarwal. The key points are: The Court clarified that directions issued under Article 142 are not binding ratios but supplementary measures to achieve complete justice. It exercised this power in tax matters where Revenue actions were not per law. The Court deemed reassessment notices issued under the old regime between April 1 and June 30, 2021, as show-cause notices under the new regime in Ashish Agarwal, balancing assessee and Revenue rights and avoiding further appeals. The legal fiction created a deemed stay on proceedings till the Revenue supplied relevant information to assessees per the Court's directions. Exclusions apply for computing limitation u/s 149. After April 1, 2021, the Income Tax Act must be read with substituted provisions and the Tax Ordinance applies if actions fall between March 20, 2020, and March 31, 2021. Section 3(1) overrides Section 149 only for relaxing reassessment notice time limits. Reassessment notices under the new regime must be issued within the surviving time limit under the Act read with the Ordinance; notices beyond this.
This judgment deals with the validity of reassessment notices issued u/s 148 of the Income Tax Act between July and September 2022, in light of the Tax Ordinance and the Supreme Court's decision in Ashish Agarwal. The key points are: The Court clarified that directions issued under Article 142 are not binding ratios but supplementary measures to achieve complete justice. It exercised this power in tax matters where Revenue actions were not per law. The Court deemed reassessment notices issued under the old regime between April 1 and June 30, 2021, as show-cause notices under the new regime in Ashish Agarwal, balancing assessee and Revenue rights and avoiding further appeals. The legal fiction created a deemed stay on proceedings till the Revenue supplied relevant information to assessees per the Court's directions. Exclusions apply for computing limitation u/s 149. After April 1, 2021, the Income Tax Act must be read with substituted provisions and the Tax Ordinance applies if actions fall between March 20, 2020, and March 31, 2021. Section 3(1) overrides Section 149 only for relaxing reassessment notice time limits. Reassessment notices under the new regime must be issued within the surviving time limit under the Act read with the Ordinance; notices beyond this.
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