The provisions relating to reopening of assessments, as they stood prior to the Finance Act, 2021, were contained in Sections 147 to 151 of the Act[1] (‘Old Law’). Under the Old Law, if the AO[2] had reasons to believe that an income chargeable to tax has escaped assessment, then the AO could reopen the assessment by issuing a notice u/s. 148 of the Act. Such notice could have been issued within 4 / 6 years from end of relevant assessment year.

The Supreme Court has held that if the building in which the premises are situated qualifies for a ‘plant’, Input Tax Credit (ITC) can be allowed on goods and services used in setting up the immovable property, which is a plant.

The CESTAT Bench at Chennai has held that air compressors for use in car air-conditioners are classifiable under Tariff Item 8414 80 11 of the Customs Tariff Act, 1975 wherein Heading 8414 covers ‘Air or vacuum pumps, air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters’. The assessee was represented by Lakshmikumaran & Sridharan Attorneys here.