Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
A lapse of over eight years in giving effect to a Tribunal remand renders proceedings to exercise reassessment powers inordinate and barred by limitation. The note explains that Section 153 was amended in 2016 to prescribe time limits for giving effect to Tribunal orders but that even under the pre amendment regime an unexplained delay of this magnitude cannot be treated as reasonable. Applying the limitation principle and prior Division Bench authority construing the statutory scheme, the article concludes that an order made after such delay cannot be lawfully passed and refunds ordered earlier must stand.
A lapse of over eight years in giving effect to a Tribunal remand renders proceedings to exercise reassessment powers inordinate and barred by limitation. The note explains that Section 153 was amended in 2016 to prescribe time limits for giving effect to Tribunal orders but that even under the pre amendment regime an unexplained delay of this magnitude cannot be treated as reasonable. Applying the limitation principle and prior Division Bench authority construing the statutory scheme, the article concludes that an order made after such delay cannot be lawfully passed and refunds ordered earlier must stand.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
