Unreconciled Search-Discovered Jewellery Constitutes Undisclosed Income Attracting 10 Percent Penalty Under Section 271AAB(1)(a)

By | September 19, 2026
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Unreconciled Search-Discovered Jewellery Constitutes Undisclosed Income Attracting 10 Percent Penalty Under Section 271AAB(1)(a) Unreconciled Search-Discovered Jewellery Constitutes Undisclosed Income Attracting 10 Percent Penalty Under Section 271AAB(1)(a) Issue Whether unreconciled jewellery found during a search under Section 132 and voluntarily declared in a revised return constitutes “undisclosed income” under the Explanation to Section 271AAB. Whether penalty… Read More »

Estimated Gross Profit Additions From Stock Shortages Do Not Attract Penalty Under Section 271AAB

By | September 19, 2026
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Estimated Gross Profit Additions From Stock Shortages Do Not Attract Penalty Under Section 271AAB Issue Whether an estimated addition to gross profit, computed by applying a profit rate to an inferred stock shortage found during a search, constitutes “undisclosed income” under the Explanation to Section 271AAB to justify levying a penalty. Facts Assessee & Search… Read More »

Writ Petition Challenging Delayed Intimation Dismissed for Laches; Assessee Directed to Pursue Tribunal Remedy

By | September 19, 2026
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Writ Petition Challenging Delayed Intimation Dismissed for Laches; Assessee Directed to Pursue Tribunal Remedy Writ Petition Challenging Delayed Intimation Dismissed for Laches; Assessee Directed to Pursue Tribunal Remedy Issue Whether a writ petition filed after a delay of more than 5 years against an order dismissing an appeal on grounds of delay is maintainable when… Read More »

Assessee Entitled to Section 244A Interest and Additional Interest as Claim Denial Without Delay Is Unlawful

By | September 19, 2026
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Assessee Entitled to Section 244A Interest and Additional Interest as Claim Denial Without Delay Is Unlawful Issue Whether Section 244A(2) empowers tax authorities to deny interest on a refund merely because the successful claim was raised during assessment rather than in the original return. Whether the assessee is entitled to additional interest at 3% per… Read More »

Rectification Order Levying Interest Under Section 234A Struck Down as E-Verification Relates Back to Return Filing Date

By | September 19, 2026
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Rectification Order Levying Interest Under Section 234A Struck Down as E-Verification Relates Back to Return Filing Date Issue Whether an Assessing Officer can pass a rectification order under Section 154 to recompute and levy interest under Section 234A on the ground that the return of income was e-verified on a later date, despite the return… Read More »

Firm’s Property Auction and Tax Recovery Valid within Limitation, Meeting All Statutory Requirements

By | September 19, 2026
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Firm’s Property Auction and Tax Recovery Valid within Limitation, Meeting All Statutory Requirements Issue Whether tax recovery proceedings and the auction sale of a defaulting firm’s properties were barred by limitation under Rule 68B of the Second Schedule to the Income-tax Act. Whether the non-service of individual notices to each partner vitiated the recovery proceedings… Read More »

Section 148 notice valid: extended time for assessee’s reply is excluded from limitation period.

By | September 19, 2026
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Section 148 notice valid: extended time for assessee’s reply is excluded from limitation period. Issue Whether the time or extended time granted to an assessee to respond to a show-cause notice under Section 148A(b) should be excluded when computing the limitation period for passing an order under Section 148A(d) and issuing a reassessment notice under… Read More »

Reassessment Order Passed Without Considering Uploaded Reply Violates Natural Justice Principles and Must Be Set Aside

By | September 19, 2026
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Reassessment Order Passed Without Considering Uploaded Reply Violates Natural Justice Principles and Must Be Set Aside Reassessment Order Passed Without Considering Uploaded Reply Violates Natural Justice Principles and Must Be Set Aside Issue Whether passing an order under Section 148A(d) without considering the assessee’s uploaded reply, along with curtailing the response time, constitutes a violation… Read More »

Tax Refund Reopening KVSS Settlement Is Impermissible Due To Bar Under Section 90(3)

By | September 19, 2026
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Tax Refund Reopening KVSS Settlement Is Impermissible Due To Bar Under Section 90(3) Issue Whether a taxpayer can claim a tax refund for an assessment year settled under the Kar Vivad Samadhan Scheme (KVSS) on account of a subsequent recomputation of brought-forward losses from an earlier year, in light of the statutory bar under Section… Read More »

CBDT Circular 13/2023 Overrides Circular 9/2015 to Condone Delay in Cooperative Society’s Section 80P Return Filing

By | September 19, 2026
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CBDT Circular 13/2023 Overrides Circular 9/2015 to Condone Delay in Cooperative Society’s Section 80P Return Filing Issue Whether CBDT Circular No. 13/2023, specifically dealing with condonation of delay in filing ITRs for cooperative societies claiming Section 80P deductions, overrides CBDT Circular No. 09/2015. Whether the CCIT was justified in rejecting the assessee’s application for condonation… Read More »