Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Reopening assessments based on documents found during a search must respect the ten-year limitation applicable to reassessments under the tax statute; the High Court found that treating the search date and subsequent assessment year calculation rendered the impugned reopening for the earlier assessment year beyond the permissible ten years and therefore invalid, and quashed the reopening for that year. The Court held that the limitation point is a pure question of statutory interpretation that may be raised at any stage and exercised its writ jurisdiction to set aside the reassessment initiated in breach of the limitation rule.
Reopening assessments based on documents found during a search must respect the ten-year limitation applicable to reassessments under the tax statute; the High Court found that treating the search date and subsequent assessment year calculation rendered the impugned reopening for the earlier assessment year beyond the permissible ten years and therefore invalid, and quashed the reopening for that year. The Court held that the limitation point is a pure question of statutory interpretation that may be raised at any stage and exercised its writ jurisdiction to set aside the reassessment initiated in breach of the limitation rule.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
