Corporate guarantee invocation in insolvency petition: enforceability upheld, conditional sanction letter not a novation, limitation not barred after ...
NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
The dominant issue was whether the limitation for passing the final assessment order in a DRP case is governed by section 153(1) read with section 153(4) or by section 144C(13). Relying on coordinate bench precedent that followed HC rulings, the Tribunal held that statutory limitation must be computed under section 153(1) r/w section 153(4), fixing the last permissible date as 30.09.2021. Since the final assessment order was passed on 07.07.2023, it was held to be time-barred and was quashed, resulting in allowance of the taxpayer's appeal. - ITAT
The dominant issue was whether the limitation for passing the final assessment order in a DRP case is governed by section 153(1) read with section 153(4) or by section 144C(13). Relying on coordinate bench precedent that followed HC rulings, the Tribunal held that statutory limitation must be computed under section 153(1) r/w section 153(4), fixing the last permissible date as 30.09.2021. Since the final assessment order was passed on 07.07.2023, it was held to be time-barred and was quashed, resulting in allowance of the taxpayer's appeal. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
