reassessment proceedings Archives

Maintainability of proceedings under S. 148A(b) of Income Tax Act post-enforcement of Finance (No. 2) Act, 2024: Read Allahabad HC’s ruling

The Finance Act No. 02 of 2024, which came into effect on 01-09-2024, brought about significant amendments to the Income Tax Act. Among the key changes are revisions to Sections 148 and 148A, which pertain to the provisions for assessment and reassessment of income. In addition, Section 152 has been amended to introduce two new sub-sections.

Case Briefs High Courts

Delhi High Court quashes reassessment proceedings against Progress Rail Locomotives

The Court evaluated Art. 5 of India-USA Double Tax Avoidance Agreement to determine whether Progress Rail has Permanent Establishment in Noida and Varanasi and whether reassessment proceeding can be initiated upon them or not.

Case Briefs High Courts

Explained | Allahabad High Court’s verdict on burden of proving claim for tax concession

Allahabad High Court said that once the corresponding State authority has sent information that only one purchase made by the purchasing dealer could be verified, the benefit of other purchases as alleged to be made by the revisionist against Form C cannot be granted.