TaxBuzz | Reincarnation of Reassessment Proceedings; Way Forward Post SC Ruling in Rajeev Bansal Case

We are pleased to share with you a copy of our in-house publication – “TaxBuzz”.

In this edition, we have discussed the impact and way forward arising pursuant to a recent decision of the Hon’ble Supreme Court in the case of UOI vs Rajeev Bansal.

We trust that you will find our TaxBuzz useful and look forward to receiving your valuable feedback.

TaxBuzz | Delhi High Court quashes reassessment notices issued post Abhisar Buildwell; holds Revenue cannot coax life into notices otherwise barred by limitation

We are pleased to share with you a copy of our in-house publication – “TaxBuzz”, wherein we have analysed the recent ruling of the Delhi High Court in a batch of matters led by Dharampal Satyapal Ltd. (as successor of Abhisar Buildwell Pvt. Ltd. The High Court, in the said ruling, has quashed reassessment proceedings initiated by the Revenue pursuant to the apex Court judgment in the case of Abhisar Buildwell [2023] 454 ITR 212 (SC) relying on Instruction No.1 of 2023 (dated 23.08.2023). The Court has elaborately dealt with provisions of section 150 and held that reassessments were barred by limitation u/s 149 observing that “the limited right that was made available to the Revenue by Hon’ble Supreme Court to initiate reassessment proceedings cannot be construed as a carte-blanche enabling the Respondents to overcome and override the restrictions that otherwise appear in Section 149 of the Act.”

Ruling of the Delhi High Court is the first dealing with invalidity to the reassessment proceedings initiated by the Revenue in multiple cases merely relying on observation of the apex Court in Abhisar Buildwell (supra) where search assessments stood quashed in absence of incriminating material.

The matter was successfully represented by Mr. Ajay Vohra, Sr. Advocate, Mr. ROHIT JAIN, Mr. Aniket D. Agrawal, Mr. Deepesh Jain, and Mr. Samarth Chaudhari, Advocates.

We trust that you will find our TaxBuzz useful and look forward to receiving your valuable feedback.

For any further information/ clarification, please feel free to write to:

Mr. Rohit Jain,
Senior Partner
[email protected]

Mr. Aniket D. Agrawal
Associate Partner
[email protected]

Mr. Deepesh Jain
Associate Partner
[email protected]

Mr. Samarth Chaudhari
Senior Associate
[email protected]

TaxBuzz | Delhi High Court Settles the Buzz on Validity of Proceedings Against a Non-Existent Entity

We are pleased to share with you a copy of our in-house publication – “TaxBuzz”, wherein we have analysed the recent ruling of the Delhi High Court in a batch of matters led by Religare Securities Ltd. The High Court in the said ruling, has delved into aspects relating to validity of the assessment/ reassessment undertaken under the Income Tax Act, 1961 (‘the Act’) on an entity not in existence or dissolved under the provisions of law. In the ultimate conclusion, the Court has held that proceedings instituted and/ or completed in the name of a non-existent entity is nullity and void in the eyes of law.

The said ruling is likely to impact those assessee wherein the assessment/ re-assessment proceedings were initiated and/ or completed in the name of amalgamating entity, and thus, requires the attention of such assessees.

We trust that you will find our TaxBuzz useful and look forward to receiving your valuable feedback.

For any further information/ clarification, please feel free to write to:

Mr. Rohit Jain,
Senior Partner
[email protected]

Mr. Aniket D. Agrawal
Associate Partner
[email protected]

TaxBuzz | Eligibility of US based LLC to avail benefits under the India-USA DTAA

We are pleased to share with you a copy of our in-house publication – “TaxBuzz”.

In this edition, we have analyzed the recent decision of the Income-tax Appellate Tribunal in the case of General Motors Company USA, affirming the eligibility of US based Limited Liability Companies to avail benefits under the India-USA Double Taxation Avoidance Agreement.

We trust that you will find our TaxBuzz useful and look forward to receiving your valuable feedback.

For any clarifications, please write to:

Mr. Aditya Vohra
Associate Partner
[email protected]

Mr. Arpit Goyal
Senior Associate
[email protected]