#Section 149

ITAT Panaji quashed the 29 July 2022 Section 148 notice as time-barred under Section 149(1)(a), setting aside assessments for AY 2016-17 and 2017-18. The tribunal held that reassessment cannot proceed when the three-year limitation expires and the monetary threshold is below Rs 50 lakh, applying the Ganesh Dass Khanna test. Taxpayers gain protection from stale reassessment notices.

ITAT Pune quashes reassessment notice u/s 148 for AY 2015-16 after harmonious construction of Section 149(1) provisos. The ruling underscores strict compliance with limitation periods in reassessment proceedings, impacting taxpayers facing similar notices.

ITAT Surat quashed a reassessment notice u/s 148 issued after 01.04.2021 for AY 2015-16, relying on Rajeev Bansal (SC) and Deepak Steel (SC). The ruling clarifies procedural validity of reassessment notices under amended Section 147-149 post-TOLA amendments.

ITAT Cochin has ruled that a reassessment notice issued on 06.05.2022 for AY 2015-16 is time-barred because the income escaped assessment did not exceed ₹50 lakh, triggering the three-year limitation under Section 149(1). This reinforces that post-2022 notices for pre-2019 assessments cannot be revived unless the monetary threshold is crossed, protecting taxpayers from arbitrary reopening.

ITAT Delhi quashes reassessment proceedings where the escaped income was below ₹50 lakh and not represented by assets, holding that Section 149(1)(b) preconditions were not met. The ruling reinforces strict compliance requirements for reopening assessments beyond three years, impacting taxpayers facing similar notices.

Calcutta High Court ruled that mere payment of penalty does not constitute compliance with Section 149 of the Companies Act, 2013, requiring appointment of a woman director. The Court held that the question of compliance is a triable issue necessitating substantive evidence, impacting corporate governance standards for unlisted companies.

ITAT Ahmedabad quashes reassessment proceedings for AY 2017-18, ruling that escaped income below Rs. 50 lakhs does not trigger jurisdiction under Section 149(1)(b) of the Income Tax Act. The decision reinforces the statutory threshold as a non-negotiable precondition for reassessment beyond three years, impacting tax authorities' powers to reopen closed assessments.

ITAT Delhi holds that notice under Section 148 issued on 27-07-2022 for A.Y. 2015-16 is time-barred under Section 149, following Union of India v. Rajeev Bansal. Assessment quashed.

Madhya Pradesh High Court upholds Motor Accident Claims Tribunal's power to apply 'pay and recover' even after amendments to Section 149 of the Motor Vehicles Act.