Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Reassessment notice issued after three years was held barred by limitation because the factual foundation was incorrect. The Tribunal noted that the assessee's bank statements showed cash deposits of only Rs. 19,50,000 in the two IDBI Bank accounts, not the higher aggregate assumed by the AO. It held that the validity of notice under section 148 must be tested on the correct facts, and an otherwise time-barred notice cannot be sustained by relying on erroneous figures in the section 148A(b) notice, the section 148A(d) order, or the section 148 notice itself. The reassessment order was therefore also vitiated.
Reassessment notice issued after three years was held barred by limitation because the factual foundation was incorrect. The Tribunal noted that the assessee's bank statements showed cash deposits of only Rs. 19,50,000 in the two IDBI Bank accounts, not the higher aggregate assumed by the AO. It held that the validity of notice under section 148 must be tested on the correct facts, and an otherwise time-barred notice cannot be sustained by relying on erroneous figures in the section 148A(b) notice, the section 148A(d) order, or the section 148 notice itself. The reassessment order was therefore also vitiated.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
