Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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HC ruled that the Assessing Officer (AO) cannot reopen assessment for AY 2016-17 under Section 153A, as it falls outside the six-year block period following a search action. The notice was invalid because: (1) no asset-related income escape was established, (2) expenses disallowance did not meet statutory criteria for reopening, and (3) the assessment year exceeded the permissible limitation period. The search conducted in FY 2022-23 only allows reassessment for AY 2017-18 through AY 2023-24. Consequently, the HC set aside the impugned notice and terminated the reassessment proceedings.
HC ruled that the Assessing Officer (AO) cannot reopen assessment for AY 2016-17 under Section 153A, as it falls outside the six-year block period following a search action. The notice was invalid because: (1) no asset-related income escape was established, (2) expenses disallowance did not meet statutory criteria for reopening, and (3) the assessment year exceeded the permissible limitation period. The search conducted in FY 2022-23 only allows reassessment for AY 2017-18 through AY 2023-24. Consequently, the HC set aside the impugned notice and terminated the reassessment proceedings.
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