Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Reopening beyond three years under section 149(1)(b) requires the escaped income to be represented in the form prescribed by law; mere reference to unrecorded scrap-sale receipts and an estimated profit basis was insufficient, so the reassessment for AYs 2019-20 and 2020-21 was quashed. Ambiguous section 148 notices that inconsistently stated the search basis showed non-application of mind, rendering the notices and reassessments for AYs 2021-22 and 2022-23 invalid. For searches conducted after 1 April 2021, the special post-2021 mechanism under sections 147/148, with prior approval under section 148B, prevails over regular assessment under section 143(3); accordingly, the section 143(3) assessments for AYs 2023-24 and 2024-25 were also quashed.
Reopening beyond three years under section 149(1)(b) requires the escaped income to be represented in the form prescribed by law; mere reference to unrecorded scrap-sale receipts and an estimated profit basis was insufficient, so the reassessment for AYs 2019-20 and 2020-21 was quashed. Ambiguous section 148 notices that inconsistently stated the search basis showed non-application of mind, rendering the notices and reassessments for AYs 2021-22 and 2022-23 invalid. For searches conducted after 1 April 2021, the special post-2021 mechanism under sections 147/148, with prior approval under section 148B, prevails over regular assessment under section 143(3); accordingly, the section 143(3) assessments for AYs 2023-24 and 2024-25 were also quashed.
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