Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Taking the date of the search as 23.11.2021 in Financial Year 2021-22, the court treated Assessment Year 2022-23 as the first assessment year and Assessment Year 2013-14 as the tenth; therefore Assessment Year 2012-13 falls beyond the ten-year limitation and the reassessment notice under Section 148 is time-barred and set aside. An alternative contention that the proviso to Section 149 resets limitation for notices arising from post-search knowledge was noted but not accepted or addressed on its merits by the court. Decision favours the assessee; notice quashed as barred by limitation.
Taking the date of the search as 23.11.2021 in Financial Year 2021-22, the court treated Assessment Year 2022-23 as the first assessment year and Assessment Year 2013-14 as the tenth; therefore Assessment Year 2012-13 falls beyond the ten-year limitation and the reassessment notice under Section 148 is time-barred and set aside. An alternative contention that the proviso to Section 149 resets limitation for notices arising from post-search knowledge was noted but not accepted or addressed on its merits by the court. Decision favours the assessee; notice quashed as barred by limitation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
