Statutory refund interest requires correction of short computation and compensation where admitted interest remains unpaid through administrative dela...
Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
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The ITAT allowed the appeal of Assessee X, holding the reassessment proceedings under s.147 invalid due to improper sanction under the new s.151 regime. The notice u/s 148 and order u/s 148A(d), issued beyond three years from the relevant assessment year, required prior approval from higher specified authorities (PCCI/PDGIT/CCIT/DGIT), but were instead sanctioned by the PCIT, contrary to the amended statutory hierarchy. Relying on binding precedents of the SC and the jurisdictional HC, and holding that TOLA only extended limitation and did not alter the approval structure under s.151, the ITAT quashed the notice u/s 148 and consequently annulled the reassessment order. The assessee's appeal was allowed in full.
The ITAT allowed the appeal of Assessee X, holding the reassessment proceedings under s.147 invalid due to improper sanction under the new s.151 regime. The notice u/s 148 and order u/s 148A(d), issued beyond three years from the relevant assessment year, required prior approval from higher specified authorities (PCCI/PDGIT/CCIT/DGIT), but were instead sanctioned by the PCIT, contrary to the amended statutory hierarchy. Relying on binding precedents of the SC and the jurisdictional HC, and holding that TOLA only extended limitation and did not alter the approval structure under s.151, the ITAT quashed the notice u/s 148 and consequently annulled the reassessment order. The assessee's appeal was allowed in full.
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