Income Tax Penalty proceeding initiated with prior approval of additional commissioner Valid: HC The petitioner, a service co-operative bank, challenged penalty proceedings initiated under Sections 271D and 271E of the Income Tax Act for multiple assessment years. The assessments had been completed under Section 153A pursuant to a search under Section 132. While appeals against…
No Proceedings Can Be Initiated Under Section 153C for Searches Conducted On Or After April 1, 2021: ITAT The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has given relief to Abhisar Estates Pvt. Ltd. by quashing an assessment made under Section 153C of the Income Tax Act for Assessment Year 2017-18. The case had begun…
ITAT Quashes Reassessment Proceedings Due to Procedural Lapses and Absence of New Tangible Material The appellant, Vilas Polymer Private Limited, challenged separate orders passed by the CIT(A), which sustained reassessment orders for multiple assessment years from 2014-15 to 2019-20. The original assessments were concluded under Section 143(3) of the Income Tax Act. Thereafter, the Assessing…
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