Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
The Central Government has notified that a municipal water supply and sewerage board constituted under the relevant state Act is treated as a "Board" for purposes of clause (46A)(b) of section 10 of the Income-tax Act, making specified income exempt from tax effective from assessment year 2024-2025, conditional on the entity continuing to be constituted under that state Act and retaining one or more purposes listed in clause (46A)(a). The notification is certified to have no adverse effect on any person despite its retrospective operation.
The Central Government has notified that a municipal water supply and sewerage board constituted under the relevant state Act is treated as a "Board" for purposes of clause (46A)(b) of section 10 of the Income-tax Act, making specified income exempt from tax effective from assessment year 2024-2025, conditional on the entity continuing to be constituted under that state Act and retaining one or more purposes listed in clause (46A)(a). The notification is certified to have no adverse effect on any person despite its retrospective operation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
