Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Reopening of assessment under the new regime requires prior sanction by a specified senior authority where reassessment is sought after three years; if income escaping assessment is below the Rs.50,00,000 threshold, no reassessment notice may be issued after three years. Here the alleged escaped income was Rs.10,25,756 and the notice was issued beyond three years with approval only from the Principal Commissioner, which does not meet the prescribed sanctioning requirement; the ITAT held the section 148 notice and consequent reassessment proceedings invalid and quashed them, allowing the assessee's appeal.
Reopening of assessment under the new regime requires prior sanction by a specified senior authority where reassessment is sought after three years; if income escaping assessment is below the Rs.50,00,000 threshold, no reassessment notice may be issued after three years. Here the alleged escaped income was Rs.10,25,756 and the notice was issued beyond three years with approval only from the Principal Commissioner, which does not meet the prescribed sanctioning requirement; the ITAT held the section 148 notice and consequent reassessment proceedings invalid and quashed them, allowing the assessee's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
