Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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HC held reassessment proceedings initiated u/s 148 were invalid due to statutory limitation u/s 149. The original notice was set aside for lacking mandatory approvals from competent authority. Court rejected Revenue's argument that limitation period should be extended due to prior litigation, stating time spent in previous challenges cannot extend statutory limitation periods. The fact that Revenue failed to take proper legal steps within prescribed timeframe cannot be used to justify extension of limitation period. No court order prevented Revenue from issuing valid notice within limitation period. Petition allowed, reassessment order and notices quashed as time-barred. Litigation time exclusion claim denied as limitation u/s 149 remained absolute.
HC held reassessment proceedings initiated u/s 148 were invalid due to statutory limitation u/s 149. The original notice was set aside for lacking mandatory approvals from competent authority. Court rejected Revenue's argument that limitation period should be extended due to prior litigation, stating time spent in previous challenges cannot extend statutory limitation periods. The fact that Revenue failed to take proper legal steps within prescribed timeframe cannot be used to justify extension of limitation period. No court order prevented Revenue from issuing valid notice within limitation period. Petition allowed, reassessment order and notices quashed as time-barred. Litigation time exclusion claim denied as limitation u/s 149 remained absolute.
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