Landmark Income Tax Reassessment Case

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e 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 expenditure, significantly affecting .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ocused 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 Act. * Application of TOLA: The Court found that .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 highlights the need for meticulous compliance with legal provisions to u .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X