Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
This case deals with the validity of assessment proceedings initiated against an amalgamated company for the assessment year 2018-19. The key points are: The Assessing Officer (AO) erroneously assumed jurisdiction u/ss 147/148/148A, alleging income had escaped assessment because the amalgamating company failed to file a return for AY 2018-19. However, the amalgamating company stood dissolved on March 30, 2018, and could not file a return. Only the amalgamated company was required to file, which it duly did. The consolidated accounts were assessed u/s 143(3). The AO failed to establish that items mentioned in the Section 148A(b) notice were not incorporated in the amalgamated company's accounts/return, resulting in escaped income. This vitiated the proceedings. The AO violated principles of natural justice by not granting an effective hearing despite requests. Section 148A(b) mandates granting an opportunity by issuing a show-cause notice with a minimum 7-day and maximum 30-day response period, extendable on application. Though the notice was issued on March 23, 2022, with a 7-day period, the AO improperly extended it to April 19, 2022, without an application. The Section 148 notice issued on April.
This case deals with the validity of assessment proceedings initiated against an amalgamated company for the assessment year 2018-19. The key points are: The Assessing Officer (AO) erroneously assumed jurisdiction u/ss 147/148/148A, alleging income had escaped assessment because the amalgamating company failed to file a return for AY 2018-19. However, the amalgamating company stood dissolved on March 30, 2018, and could not file a return. Only the amalgamated company was required to file, which it duly did. The consolidated accounts were assessed u/s 143(3). The AO failed to establish that items mentioned in the Section 148A(b) notice were not incorporated in the amalgamated company's accounts/return, resulting in escaped income. This vitiated the proceedings. The AO violated principles of natural justice by not granting an effective hearing despite requests. Section 148A(b) mandates granting an opportunity by issuing a show-cause notice with a minimum 7-day and maximum 30-day response period, extendable on application. Though the notice was issued on March 23, 2022, with a 7-day period, the AO improperly extended it to April 19, 2022, without an application. The Section 148 notice issued on April.
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