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 High Court held that the impugned notice issued u/s 148 of the Act was beyond the time limitation prescribed u/s 149(1). The Revenue's contention that the non-obstante clause u/s 150 permitted issuance of the notice, premised on the assumption that the High Court's previous order dismissing the Revenue's appeal contained findings and directions for commencing proceedings u/s 147, was rejected. The Court clarified that its previous order could not be construed as permitting reopening of assessments beyond the period stipulated u/s 149(1) or where necessary conditions for invoking Sections 147 and 148 were not satisfied. Consequently, the time limitation u/s 149(1) was applicable, rendering the impugned notice invalid.
The High Court held that the impugned notice issued u/s 148 of the Act was beyond the time limitation prescribed u/s 149(1). The Revenue's contention that the non-obstante clause u/s 150 permitted issuance of the notice, premised on the assumption that the High Court's previous order dismissing the Revenue's appeal contained findings and directions for commencing proceedings u/s 147, was rejected. The Court clarified that its previous order could not be construed as permitting reopening of assessments beyond the period stipulated u/s 149(1) or where necessary conditions for invoking Sections 147 and 148 were not satisfied. Consequently, the time limitation u/s 149(1) was applicable, rendering the impugned notice invalid.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
