Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
The HC quashed the reassessment notice and consequential proceedings, holding that the reassessment action could not be sustained due to: (1) the alleged escaped income falling below the pecuniary threshold prescribed u/s 149(1)(b) as per the Supreme Court's ruling in Rajeev Bansal; and (2) the approval for reassessment not being granted by the competent authority u/s 151 after the introduction of the extended timelines by the Taxation Laws (Amendment) Act, 2021. The HC allowed the writ petition in favor of the assessee.
The HC quashed the reassessment notice and consequential proceedings, holding that the reassessment action could not be sustained due to: (1) the alleged escaped income falling below the pecuniary threshold prescribed u/s 149(1)(b) as per the Supreme Court's ruling in Rajeev Bansal; and (2) the approval for reassessment not being granted by the competent authority u/s 151 after the introduction of the extended timelines by the Taxation Laws (Amendment) Act, 2021. The HC allowed the writ petition in favor of the assessee.
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