S. 154: Rectification of mistake-Mistake apparent from the record-Rectification order was passed after expiry of four years, holding that assessee was required to pay interest under section 234A,-ITNS-150 was an order under section 143(3), and any amendment to same would fall within scope of an amendment as contemplated under section 154(1)(a)-Rectification order was barred by limitation.[S. 154(1)(a), 234A]
S. 154: Rectification of mistake-Mistake apparent from the record-Undertakings-Special category states-Binding precedent-Tribunal’s order had attained finality; rectification proceedings were held without jurisdiction as judicial discipline required lower authorities to loyally follow binding appellate directions, and rectification proceedings amounted to sitting over orders of higher authorities.[S.80IC,254(1), Art. 226]
S. 153C: Assessment-Income of any other person-Search-Survey-Having bearing–Provisional balance sheet-Existence of primordial requirement of material relating to undisclosed income even prior to amendment in year 2015-Tribunal justified in annulling assessment.[S.132, 133A]
S. 153A: Assessment-Search-Admissibility of electronic records-Alternative remedy-Assessment proceedings are not judicial proceedings and technical rules of the 1872 Act are not applicable-Non-furnishing of certificate mandated under section 65B cannot be a shield to resist reception of electronic record-Order in writ petition set aside.[S. 132, 143(3), 144, 246A, Art. 226, Indian Evidence Act, 1872, S.65A, Bharatiya Sakshya Adhiniyam, 2023,S.63]
S. 151: Reassessment-Sanction for issue of notice-Notice issued under old regime-Competent authority in terms of provision is Joint Commissioner-Notice issued obtaining approval of Principal Commissioner unsustainable-Notices and consequential orders quashed and set aside.[S. 144, 144B, 147, 148, Art. 226]
S. 149: Reassessment-Time limit for notice-Supreme Court decision binding: Six-year limitation period under unamended section 149(1)(b) expired on 31-3-2023-No reassessment notice may be issued for any assessment year prior to assessment year 2021-22 unless the period of limitation under the unamended Act survived-Notice barred by limitation and hence quashed.[S. 147, 148, 149(1)(b), TOLA, Art. 226]
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-After three years-Bar of limitation-Alleging deposits and certain transactions-No material to support information-Long-term capital gains-Share transactions as bogus-Reassessment proceedings initiated based on incorrect information in notice vitiated-Notices and orders quashed and set aside.[S. 147, 148A(b), 148A(d), 149(1), Art.226]
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Approval of “specified authority-Order passed and notice of reassessment issued after three years from end of the assessment year 2017-18-Authority specified under section 151(ii) required to grant approval, Principal Chief Commissioner-Approval obtained from authority under section 151(i), Principal Commissioner was not proper-Notice and order not sustainable.[S. 148, 148A(b), 148A(d), 151(i), 151(ii), Art. 226]
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Initial notice-Notice calling upon assessee to submit various details for verification of data-Notice could not have been issued for verification-Notice not commensurate with the requirement of clause (b) Not sustainable.[S. 148A(b), 148A(d), Art. 226]
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-High Court held that the order for issue of notice for reopening assessment was not in accordance with procedure prescribed and hence was unsustainable; SLP of revenue dismissed in view of concession made by Department in UOI v. Rajeev Bansal (2024) 469 ITR 46 (SC) [S.147, 148, 148A(b), 148A(d), Art. 136]