I. Speculative Transactions: Loss on Hedging Transactions in Gold Derivatives Allowed Issue: Whether losses incurred by an assessee, engaged in the business of trading in gold, silver, bullion, and precious metals, from transactions in gold derivatives on a Multi-Commodity Exchange (MCX) to hedge against price fluctuations, should be treated as speculative losses under Section 43(5),… Read More »
I. Compulsory Purchase Order Abrogation: Suit for Declaration of Abrogation Maintainable Issue: Whether a civil suit seeking a declaration that a compulsory purchase order stands abrogated and the suit property re-vests in the transferor (due to non-payment of consideration within the stipulated time under Section 269UG) is maintainable, and whether such a suit is barred… Read More »
Condonation of Delay: Assessee’s Lack of Diligence, Not Counsel’s Mistake, Justifies Refusal Issue: Whether a delay of six to seven years in filing an appeal before the Income Tax Appellate Tribunal (Tribunal) should be condoned on the ground of counsel’s alleged failure to take action, when the assessee was aware of the lower appellate orders… Read More »
Settlement Commission: Dismissal for Missing Records Invalid if Assessee Not Involved in Reconstruction Issue: Whether the Settlement Commission can dismiss an assessee’s application solely because original case files are missing and the assessee allegedly failed to reconstruct records, when no communication was sent to the assessee for record reconstruction or for supplying copies of their… Read More »
Reassessment Notice to Dissolved Firm with Deceased Partners: Invalid Without Proper Legal Heir Notice and Order Issue: Whether a reassessment notice issued under Section 148 in the name of a dissolved partnership firm, after all its partners have expired, is valid when no speaking order is passed to determine the legal representatives of the deceased… Read More »
Faceless Assessment: Order Quashed for Non-Compliance with High Court Directions on Cross-Examination Issue: Whether an assessment order passed in a faceless assessment regime, in “utter disregard” of explicit High Court directions to provide relied-upon documents, grant opportunity for cross-examination, and provide a fresh hearing, should be quashed solely on the ground of non-compliance with these… Read More »