Ten Year Look Back Under Section 153A Begins From Search Year Exclude Assessment Year 2008-09 Issue How is the ten-year look-back period under Explanation 1 to Section 153A(1) of the Income-tax Act, 1961 to be computed following a search operation. Whether an assessment order passed under Section 153A for Assessment Year 2008-09 pursuant to a… Read More »
Assessment Reassessed Beyond Permissible Limitation Period Reconsidered Under Section 153C Reckoned Backwards Remains Time Barred Issue Whether the limitation period for initiating assessment or reassessment proceedings under Section 153C read with Section 153A must be calculated backwards from the assessment year in which the satisfaction note is recorded. Whether the assessment order passed on March… Read More »
Failure To Grant Requested Personal Hearing Under Section 148A Vitiates Reassessment Order Requiring Fresh Opportunity Issue Whether passing an order under Section 148A(3) without granting a personal hearing, despite a specific request by the assessee, violates principles of natural justice and invalidates the order. Whether the Assessing Officer is permitted to proceed afresh under Section… Read More »
Berry Ratio Unsuitable For Manufacturers And Interest Imputed Only On Differential Credit Period Delays Issue Whether the Berry ratio (Operating Profit / Value Added Expenses) under TNMM is an appropriate Profit Level Indicator (PLI) for benchmarking international transactions of an entity with a full-fledged manufacturing profile. Whether interest can be imputed on delayed receivables from… Read More »
Tax Computation Sheet Must Align With Assessment Order And Secondary Adjustment Requires Associated Enterprise Relationship Issue Whether the tax computation sheet, as a consequential document forming part of assessment proceedings, can proceed on an assessed income contrary to the income determined in the main assessment order. Whether the Resale Price Method (RPM) is the appropriate… Read More »
Separate Events Cannot Be Aggregated Under Section 149(1A) Making Reassessment Beyond Threshold Invalid Issue Whether cash payments made on different dates against distinct orders constitute separate events that cannot be aggregated under Section 149(1A) to meet the ₹50 lakh threshold for reassessment beyond three years. Whether reassessment proceedings under Section 148 initiated for Assessment Year… Read More »
Tenancy Right Surrender Falls Within Section 50C Ambit Requiring DVO Valuation Upon Dispute Issue Whether the transfer or surrender of tenancy rights in an immovable property falls within the ambit of Section 50C of the Income-tax Act, 1961 as a capital asset. Whether the Assessing Officer (AO) is required to refer the valuation to a… Read More »
Claimed ESOP Expenditure Allowable Under Section 37(1) Rendering Section 263 Revision Order Invalid Issue Whether Section 17(2)(vi), which governs employee perquisite taxation, dictates the character or allowability of employee stock option (ESOP) compensation expenditure claimed by an employer under Section 37(1). Whether the Principal Commissioner of Income Tax (PCIT) can assume revisionary jurisdiction under Section… Read More »
Processed Statutory Explanation Does Not Apply Retrospectively To Disallow Expenditure Without Exempt Income Earned Issue Whether the Explanation inserted in Section 14A of the Income-tax Act, 1961 by the Finance Act, 2022 applies retrospectively to Assessment Year 2014-15. Whether any disallowance under Section 14A read with Rule 8D can be made or sustained when no… Read More »
Societies Registration Act Prohibition Against Asset Distribution Negates Mutuality Preserving Charitable Trust Registration Scope Issue Whether the Commissioner (Exemptions) was justified in refusing registration under Section 12AB by treating the assessee-society as a mutual benefit association, despite statutory provisions barring asset distribution among members upon dissolution. Whether the scope of enquiry at the stage of… Read More »