Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
The ITAT held that the limitation period for issuing a notice u/s 143(2) is relevant to the financial year and assessment year. When the Assessing Officer considered the return of income after rectification for initiating assessment proceedings, the relevant date for initiation dates back to the original date of filing the return of income. Therefore, the time limit for issuing the notice u/s 143(2) must be considered from the date of filing the original return of income. Following the decision in SMC COMTRADE LTD. VERSUS ASST. COMMISSIONER OF INCOME-TAX, CIRCLE 24 (1), the Tribunal treated the notice issued u/s 143(2) as invalid. Consequently, further proceedings initiated based on the invalid notice were held to be bad in law, and the assessment order passed on the basis of the invalid notice was quashed. The assessee's appeal was allowed.
The ITAT held that the limitation period for issuing a notice u/s 143(2) is relevant to the financial year and assessment year. When the Assessing Officer considered the return of income after rectification for initiating assessment proceedings, the relevant date for initiation dates back to the original date of filing the return of income. Therefore, the time limit for issuing the notice u/s 143(2) must be considered from the date of filing the original return of income. Following the decision in SMC COMTRADE LTD. VERSUS ASST. COMMISSIONER OF INCOME-TAX, CIRCLE 24 (1), the Tribunal treated the notice issued u/s 143(2) as invalid. Consequently, further proceedings initiated based on the invalid notice were held to be bad in law, and the assessment order passed on the basis of the invalid notice was quashed. The assessee's appeal was allowed.
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