Daily Archives: February 24, 2025

Jurisdictional Assessing Officer (JAO) retains the power to assess or reassess even after faceless assessment schemes Key Issues and Decisions: I. Jurisdiction to Issue Reopening Notice: Issue: Whether the introduction of faceless assessment schemes and Section 144B diminishes the power of the Jurisdictional Assessing Officer (JAO) to issue reopening notices under Section 148. Decision: The… Read More »

 Writ Petition Dismissed for Bypassing Alternate Statutory Remedies in Accounting Method Dispute Issue: Whether a writ petition challenging an assessment order based on the method of accounting is maintainable when alternate statutory remedies are available. Facts: The assessee followed the project completion method of accounting. The Assessing Officer used the percentage completion method and passed… Read More »

Addition under Section 68 Not Applicable for Shares Issued for Goodwill Issue: Whether the addition under Section 68 of the Income-tax Act, 1961, is applicable when shares are issued without monetary consideration but in exchange for goodwill. Facts: The assessee company filed its return of income declaring nil income. During the assessment proceedings, the Assessing… Read More »

Interest payments on loans taken from banks. : Reassessment Notice Quashed Due to Lack of Valid Reasons and Change of Opinion , Issue: Whether the reassessment notice issued under Section 148 of the Income-tax Act, 1961, is valid when there are no allegations of failure to disclose material facts and the reassessment is based on… Read More »

Reopening Notice Quashed Due to Change of Opinion and Lack of Tangible Material , It Based on Information from the Insight Portal Issue: Whether the reopening of an assessment under Section 148 of the Income-tax Act, 1961, is valid when it is based on a change of opinion and lacks tangible material to show that… Read More »