Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
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Reassessment proceedings were upheld as within limitation because the section 148A(b) notice was issued on 31.03.2022, and the time allowed for the assessee's response had to be excluded under the third proviso to section 149, with the balance period extended under the fourth proviso. As the reply was filed on 21.04.2022, the Assessing Officer had time until 21.05.2022 to pass the section 148A(d) order, so the 28.04.2022 order and consequential section 148 notice were timely. The Court also rejected the challenge that entries in books or survey material were not an "asset" under section 149(1)(b), holding the definition inclusive and the later amendment clarificatory.
Reassessment proceedings were upheld as within limitation because the section 148A(b) notice was issued on 31.03.2022, and the time allowed for the assessee's response had to be excluded under the third proviso to section 149, with the balance period extended under the fourth proviso. As the reply was filed on 21.04.2022, the Assessing Officer had time until 21.05.2022 to pass the section 148A(d) order, so the 28.04.2022 order and consequential section 148 notice were timely. The Court also rejected the challenge that entries in books or survey material were not an "asset" under section 149(1)(b), holding the definition inclusive and the later amendment clarificatory.
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