Reassessment under Section 54F Challenged; Alternate Remedy Available; Interim Relief Granted Issue: Whether a writ petition challenging a reassessment order under Section 54F of the Income-tax Act, 1961, is maintainable when an alternate remedy of appeal is available, and whether interim relief should be granted to the assessee. Facts: The assessee claimed exemption under Section… Read More »
A reassessment order cannot be passed based on a mere change of opinion without any new material facts. Revision Order under Section 263 Set Aside for Lack of Erroneous Assumption Issue: Whether the Principal Commissioner (Pr. Commissioner) was justified in invoking revisionary jurisdiction under Section 263 of the Income-tax Act, 1961, to re-examine the computation… Read More »
Penalty for Concealment of Income Upheld in Case of Inflated Land Valuation and Subsequent Withdrawals Issue: Whether the imposition of penalty under Section 271(1)(c) of the Income-tax Act, 1961, for concealment of income is justified when the assessee transferred a revalued plot of land to a partnership firm and subsequently withdrew a significant portion of… Read More »
Adjustment of Refund Against Tax Dues Quashed when the assessee is not granted a hearing Issue: Whether the adjustment of a tax refund against outstanding tax dues under Section 245 of the Income-tax Act, 1961, is valid when the assessee is not granted a hearing or a formal order is not passed, thereby violating the… Read More »
Assessment Order Upheld; Appeal to be Disposed of Expeditiously with Continued Stay Issue: Whether the assessment order passed under Section 147 read with Section 144B of the Income-tax Act, 1961, should be interfered with, considering the assessee’s contentions of incomplete information and the department’s claim of non-cooperation in providing documents. Facts: The assessee, engaged in… Read More »
TCS collected on the income of a minor child should be allowed as a credit to the parent. Issue: Whether Tax Collected at Source (TCS) collected in the name of a minor child can be credited to the assessee when the minor’s income is clubbed with the assessee’s income under Section 64(1A) of the Income-tax… Read More »
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