https://www.taxtmi.com/highlights?id=80482 This case involves a challenge to an order of re-assessment under the relevant tax laws. The key points are: The petitioner failed to submit monthly returns within the prescribed time for the assessment year 2014-2015, leading to an escapement of assessment. The court referred to precedents holding that an assessment cannot be made after the expiry of the prescribed time limit, and that a return must be filed within the time limit for an assessment to be valid. Section 39 of the applicable Act mandates completion of assessment within 5 years from the end of the relevant year. In this case, the assessment for 2014-2015 should have been completed by 31.03.2020, but it was not. Instead, re-assessment proceedings u/s 40 were initiated without c..... en-us Sat, 17 Aug 2024 08:01:20 +0530 Sat, 17 Aug 2024 08:01:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80482 This case involves a challenge to an order of re-assessment under the relevant tax laws. The key points are: The petitioner failed to submit monthly returns within the prescribed time for the assessment year 2014-2015, leading to an escapement of assessment. The court referred to precedents holding that an assessment cannot be made after the expiry of the prescribed time limit, and that a return must be filed within the time limit for an assessment to be valid. Section 39 of the applicable Act mandates completion of assessment within 5 years from the end of the relevant year. In this case, the assessment for 2014-2015 should have been completed by 31.03.2020, but it was not. Instead, re-assessment proceedings u/s 40 were initiated without c..... Highlights VAT and Sales Tax Sat, 17 Aug 2024 08:01:20 +0530 https://www.taxtmi.com/highlights?id=80482