Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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The Appellate Tribunal held that the assessment orders issued u/s 153C for the assessment years 2011-12 and 2012-13 were beyond the jurisdiction of the Assessing Officer (AO) and void ab initio. The amendment to Section 153C with effect from April 1, 2017, had prospective effect, clarified by CBDT Circular 2/2018. The AO could only reopen assessments for the preceding six years from the year of satisfaction recorded on September 26, 2018, i.e., assessment years 2013-14 to 2018-19. Consequently, the impugned assessment orders for 2011-12 and 2012-13 were quashed. Regarding the reopening of assessments of other persons u/s 153C, the Tribunal held that the AO failed to record valid satisfaction year-wise and narrate specific documents relied upon for initiating proceedings. The satisfaction note lacked details of information and failed to establish a direct correlation between the incriminating material and the relevant assessment years. The addition of 1% representing income from commission and bank statement credits/debits was deleted due to the absence of valid satisfaction recorded, following the precedent in M/s Marconi Infratech.
The Appellate Tribunal held that the assessment orders issued u/s 153C for the assessment years 2011-12 and 2012-13 were beyond the jurisdiction of the Assessing Officer (AO) and void ab initio. The amendment to Section 153C with effect from April 1, 2017, had prospective effect, clarified by CBDT Circular 2/2018. The AO could only reopen assessments for the preceding six years from the year of satisfaction recorded on September 26, 2018, i.e., assessment years 2013-14 to 2018-19. Consequently, the impugned assessment orders for 2011-12 and 2012-13 were quashed. Regarding the reopening of assessments of other persons u/s 153C, the Tribunal held that the AO failed to record valid satisfaction year-wise and narrate specific documents relied upon for initiating proceedings. The satisfaction note lacked details of information and failed to establish a direct correlation between the incriminating material and the relevant assessment years. The addition of 1% representing income from commission and bank statement credits/debits was deleted due to the absence of valid satisfaction recorded, following the precedent in M/s Marconi Infratech.
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