Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Sanction for reassessment beyond three years must be granted by the authority specified in section 151(ii) as it stood prior to the 01.04.2023 amendment; approval by a Principal Commissioner not so empowered rendered the sanction invalid. Relying on binding jurisdictional precedent, the article explains that the proviso inserted w.e.f. 01.04.2023 cannot be applied retrospectively, and consequently notices issued under section 148, orders under section 148A(d) and all consequential reassessment proceedings lacked valid sanction and were quashed. The Tribunal therefore did not address the substantive additions.
Sanction for reassessment beyond three years must be granted by the authority specified in section 151(ii) as it stood prior to the 01.04.2023 amendment; approval by a Principal Commissioner not so empowered rendered the sanction invalid. Relying on binding jurisdictional precedent, the article explains that the proviso inserted w.e.f. 01.04.2023 cannot be applied retrospectively, and consequently notices issued under section 148, orders under section 148A(d) and all consequential reassessment proceedings lacked valid sanction and were quashed. The Tribunal therefore did not address the substantive additions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
