ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
HC held that the notice issued under s.148 was time-barred and jurisdictionally invalid because the six-year surviving period from the end of the relevant assessment year had expired before issuance; the respondent's contention that a ten-year period applied was rejected. The HC found only two days remained to complete the s.148A(d) process and issue a s.148 notice, which in any event expired before the notice dated 27 July 2022. Consequently the impugned s.148 notice and all subsequent communications including notices under s.142(1) and the related show-cause notice were quashed and set aside as beyond jurisdiction. Other contentions of the petitioner were left open.
HC held that the notice issued under s.148 was time-barred and jurisdictionally invalid because the six-year surviving period from the end of the relevant assessment year had expired before issuance; the respondent's contention that a ten-year period applied was rejected. The HC found only two days remained to complete the s.148A(d) process and issue a s.148 notice, which in any event expired before the notice dated 27 July 2022. Consequently the impugned s.148 notice and all subsequent communications including notices under s.142(1) and the related show-cause notice were quashed and set aside as beyond jurisdiction. Other contentions of the petitioner were left open.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
