Authority rules B+G+31 service apartment is commercial building construction, not multi-storey residential for tax classification under RERA definitio...
Resale price method upheld for distribution; assessee's margins accepted and certain transfer-pricing adjustments deleted due to documented reimbursem...
The HC held that notices issued under section 153C are time-barred and therefore invalid. Applying the governing limitation principle, the ten-year block for assessment is computed from the date on which the jurisdictional AO of the non-searched person received books, documents or assets seized from the jurisdictional AO of the searched person. On the facts, the relevant assessment years (AYs 2010-11 to 2015-16) fell outside the ten-year period as of the notice dates. Consequently, the petitions by the taxpayers were allowed and the impugned notices dated 31.08.2024 and 12.09.2024 issued under section 153C were quashed.
The HC held that notices issued under section 153C are time-barred and therefore invalid. Applying the governing limitation principle, the ten-year block for assessment is computed from the date on which the jurisdictional AO of the non-searched person received books, documents or assets seized from the jurisdictional AO of the searched person. On the facts, the relevant assessment years (AYs 2010-11 to 2015-16) fell outside the ten-year period as of the notice dates. Consequently, the petitions by the taxpayers were allowed and the impugned notices dated 31.08.2024 and 12.09.2024 issued under section 153C were quashed.
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