Section 148 Reassessment Notice Issued for AY 2015-16 After March 31, 2026 is Barred by Limitation Issue Whether a notice issued under Section 148 of the Income-tax Act, 1961 for Assessment Year 2015-16 after March 31, 2026 is barred by limitation under the first proviso to Section 149(1), rendering the consequent reassessment proceedings bad in… Read More »
Form 10-IC Exercised for Earlier Year Validates Concessional Tax Benefit Under Section 115BAA for Subsequent Years Issue Whether an option under Section 115BAA(5) once exercised by filing Form No. 10-IC for Assessment Year 2023-24 automatically applies to the subsequent Assessment Year 2024-25, thereby entitling the assessee to the concessional tax regime. Facts The assessee-company opted… Read More »
Deletion of additions for third-party impounded documents, bank stock estimates, off-the-shelf software TDS, and election estimates, with net profit on undisclosed turnover capped at 12%. Issue Whether additions made on account of estimated net profit rates, impounded documents pertaining to third parties, software payment TDS disallowance, inflated bank stock statements, unverified land/renovation entries, proposed election… Read More »
Tribunal Remands GST Refund Mismatch Issue for Fresh Assessment and Deletes Trade Payable Addition Issue Whether additional evidence regarding GST refund mismatch justifies remanding the Section 143(1) loss adjustment for de novo adjudication, and whether trade payable additions under Section 68 can survive when reconciliations are provided without contrary evidence from Revenue. Facts Return &… Read More »
Assessee-trust entitled to set-off as Section 68 addition of 10-year-old land advance is unsustainable. Assessee-trust entitled to set-off as Section 68 addition of 10-year-old land advance is unsustainable. Issue Whether an advance received towards the sale of land in FY 2006-07 can be taxed as unexplained cash credit under Section 68 in AY 2016-17 on… Read More »
Section 56(2)(vii)(b) Cannot Apply Retrospectively To Property Allotted and Partially Paid Prior To October 1, 2009 Issue Whether Section 56(2)(vii)(b) can be invoked retrospectively using the 2013 registration stamp duty value when immovable property was allotted and partially paid for in April 2007. Facts Property Acquisition & Stamp Value: For AY 2014-15, the assessee purchased… Read More »
Transfer of inherited tenancy rights attracts capital gains tax with cost of acquisition determined using 01.04.2001 valuation. Issue Whether the transfer of inherited tenancy rights is exempt from capital gains due to failure of computation provisions, and whether the fair market value (FMV) as of 01.04.2001 can be adopted as the cost of acquisition. Facts… Read More »
Sale of TDRs received against land surrender generates taxable capital gains using surrendered land’s cost as acquisition cost. Issue Whether sale of Transferable Development Rights (TDRs) received in exchange for surrendering land and building gives rise to taxable capital gains, and how its cost of acquisition should be computed under Section 48. Facts Surrender of… Read More »
Addition for suppressed sales is restricted to profit element, and cash disallowances require verification. Issue Whether the entire alleged suppressed sales turnover can be taxed as income instead of restricting it to the profit element, and whether disallowance under Section 40A(3) requires payment-wise verification. Facts Assessee’s Business & Return: The assessee-firm, engaged in the production,… Read More »
Procedural Invalidity of Search Assessments under Section 143(3) and Key Substantive Reliefs Granted to Assessee Issue Whether post-search assessments completed under Section 143(3) instead of Section 148 are valid, and whether additions regarding unexplained money, unsecured loans, transfer pricing adjustments, section 14A disallowance, rent, and section 80-IB deductions are legally sustainable. Facts Search Assessment Procedure:… Read More »