Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
The HC upheld the validity of a reassessment notice under Section 148 of the Income Tax Act, determining that the notice issued on 30.07.2022 was within the prescribed limitation period. The court excluded the period from 31.03.2021 to 02.06.2022 for limitation computation, based on Supreme Court precedents in Rajeev Bansal and Ashish Agarwal cases. The notice for Assessment Year 2015-2016 was deemed timely, as the original notice dated 31.03.2021 transformed into a valid notice under the new regime effective 01.04.2021, with the extended limitation period being applicable. Consequently, the court rejected all challenges to the reassessment proceedings.
The HC upheld the validity of a reassessment notice under Section 148 of the Income Tax Act, determining that the notice issued on 30.07.2022 was within the prescribed limitation period. The court excluded the period from 31.03.2021 to 02.06.2022 for limitation computation, based on Supreme Court precedents in Rajeev Bansal and Ashish Agarwal cases. The notice for Assessment Year 2015-2016 was deemed timely, as the original notice dated 31.03.2021 transformed into a valid notice under the new regime effective 01.04.2021, with the extended limitation period being applicable. Consequently, the court rejected all challenges to the reassessment proceedings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
