Appeal partly allowed: wildlife eco-adventure tours not tour operator; accommodations not renting; training taxable; penalties and extended limitation...
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ITAT held that the notice issued under s.148 was barred by limitation and the reassessment proceedings were quashed. The Tribunal found the AO lacked books, documents or evidence showing that the alleged escaped income met the twin conditions of s.149(1)(b): (i) income escaping assessment and (ii) such income being represented in the form of an asset; a disallowance of expenditure could not be treated as representation in the form of an asset. The Tribunal treated the post-relevant-date amendment to s.149(1)(b) as having prospective effect. Consequently the s.148 notice dated 23-4-2021 was invalid, reassessment set aside and the assessee's cross-objection ground allowed.
ITAT held that the notice issued under s.148 was barred by limitation and the reassessment proceedings were quashed. The Tribunal found the AO lacked books, documents or evidence showing that the alleged escaped income met the twin conditions of s.149(1)(b): (i) income escaping assessment and (ii) such income being represented in the form of an asset; a disallowance of expenditure could not be treated as representation in the form of an asset. The Tribunal treated the post-relevant-date amendment to s.149(1)(b) as having prospective effect. Consequently the s.148 notice dated 23-4-2021 was invalid, reassessment set aside and the assessee's cross-objection ground allowed.
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