Business expenditure and depreciation rules allow operational outgoings while limiting disallowances for personal elements and unsupported third-party...
Compromise-and-arrangement extensions may accommodate debt assignment where creditor commercial judgment supports value maximisation and avoids proced...
Delayed-payment surcharge is not taxable tolerance consideration where it penalises default, while meter testing follows electricity distribution trea...
Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Inverted-duty-structure refunds remain available for unchanged-rate apparel supplies despite trader status and require tax-period-specific computation...
The ITAT held that the reassessment notice u/s 148 for AY 2014-15 and AY 2015-16 was time-barred. For AY 2014-15, the assessee failed to respond within the two-week period specified in the show cause notice, rendering the 28.07.2022 notice invalid. For AY 2015-16, the notice was issued beyond the six-year limitation period, expiring on 31.03.2022. Consequently, the tribunal quashed both reassessment notices and subsequent proceedings as bad in law, dismissing the revenue's grounds of appeal and upholding the limitation bar established by judicial precedents.
The ITAT held that the reassessment notice u/s 148 for AY 2014-15 and AY 2015-16 was time-barred. For AY 2014-15, the assessee failed to respond within the two-week period specified in the show cause notice, rendering the 28.07.2022 notice invalid. For AY 2015-16, the notice was issued beyond the six-year limitation period, expiring on 31.03.2022. Consequently, the tribunal quashed both reassessment notices and subsequent proceedings as bad in law, dismissing the revenue's grounds of appeal and upholding the limitation bar established by judicial precedents.
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TaxTMI 
TaxTMI 
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