Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
The text clarifies computation of limitation for reassessment following a search: the statutory language creates two distinct periods - a six-assessment-year window that excludes the assessment year corresponding to the previous year of the search, and a separate ten-assessment-year outer limit that is reckoned from the end of the search assessment year and therefore includes that year as the first of the ten. Applying this construction, the ten-year outer limit can render reopening for a specified assessment year time-barred; accordingly, notices issued beyond that ten-year block were held invalid in the described instance.
The text clarifies computation of limitation for reassessment following a search: the statutory language creates two distinct periods - a six-assessment-year window that excludes the assessment year corresponding to the previous year of the search, and a separate ten-assessment-year outer limit that is reckoned from the end of the search assessment year and therefore includes that year as the first of the ten. Applying this construction, the ten-year outer limit can render reopening for a specified assessment year time-barred; accordingly, notices issued beyond that ten-year block were held invalid in the described instance.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
