Landmark Income Tax Reassessment Case

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..... for the income return filed for the assessment year 2016-2017. This reassessment notice, issued under Section 148 of the Income Tax Act 1961 , became the focal point of a legal battle challenging its validity on several grounds. Core Legal Issues Classification of Expenditure : Central to the dispute was whether certain expenses should be classified as capital or revenue expenditur .....

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..... and 151 . The Court's detailed analysis focused on the following aspects: Invalidity of the Notice : The Court determined the reassessment notice to be invalid, primarily due to it being issued after the permissible three-year period following the relevant assessment year. Moreover, the required approval for the notice was not obtained from the appropriate authority as mandated by the .....

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..... ing stands as a significant landmark in the domain of tax law in India. It offers critical insights into the procedural and legal intricacies of income tax reassessment, serving as a vital guide for both tax authorities and taxpayers. For tax authorities, the judgment is a reminder of the stringent adherence required to the legislative framework and procedures in reassessment cases. It highligh .....

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