Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Statute prescribes distinct computation for the six-year and ten-year limitation periods for reopening assessments under the search provisions; the six-year window is counted from the preceding year while the ten-year period is reckoned from the end of the assessment year relating to the previous year in which the search occurred, and therefore the ten-year span runs later than the six-year span. Applying that computation to a search dated 09.05.2024 yields AY 2025-26 as the first year and AY 2016-17 as the tenth year, rendering AY 2015-16 beyond the ten-year period and the notice to reopen that year untenable and quashed.
Statute prescribes distinct computation for the six-year and ten-year limitation periods for reopening assessments under the search provisions; the six-year window is counted from the preceding year while the ten-year period is reckoned from the end of the assessment year relating to the previous year in which the search occurred, and therefore the ten-year span runs later than the six-year span. Applying that computation to a search dated 09.05.2024 yields AY 2025-26 as the first year and AY 2016-17 as the tenth year, rendering AY 2015-16 beyond the ten-year period and the notice to reopen that year untenable and quashed.
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