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HomeDirect Tax21-Month Delay in Recording Satisfaction Note Not ‘Immediate’: Bombay HC Quashes S....

21-Month Delay in Recording Satisfaction Note Not ‘Immediate’: Bombay HC Quashes S. 153C Notices

Direct Tax

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By Mariya Paliwala
Bombay High Court

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The Bombay High Court has quashed reassessment proceedings initiated against Nippon Life India Asset Management Limited, holding that a delay of nearly 21 months in recording the mandatory satisfaction note under Section 153C of the Income Tax Act, 1961, is fatal and renders the proceedings time-barred. The bench of Justice B. P. Colabawalla and Justice…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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