Section 54 Exemption Allowed: Investment in Wife’s Name Valid; Construction Delay Condoned for NRI Issue Investment in Spouse’s Name: Can an assessee claim exemption under Section 54 if the new residential property (vacant land for construction) is purchased in the name of his wife? Completion within 3 Years: Is the exemption denied if the construction… Read More »
Domestic Transfer Pricing Adjustment Deleted as No Profit Manipulation Proven; Ad-Hoc Disallowance on Expenses Quashed I. No TP Adjustment u/s 80-IA(10) if Assessee Retains Minimal Margin and No Profit Shifting is Proven Issue: Whether the Transfer Pricing Officer (TPO) is justified in making an adjustment to a Specified Domestic Transaction (SDT) by benchmarking the profit… Read More »
Deduction u/s 36(1)(viia) Allowed Even if Provision Entry Passed After Year-End Based on Audit Memo Issue Whether a co-operative bank is entitled to claim a deduction under Section 36(1)(viia) for the provision for bad and doubtful debts for a specific assessment year (AY 2007-08), when the actual accounting entry creating the provision in the ledger… Read More »
Form 9A Not Mandatory for AY 2015-16; Option Exercised in Audit Report (Form 10B) is Sufficient. Issue Whether the requirement to file Form 9A (for exercising the option of deemed application of income) is applicable for Assessment Year 2015-16, and whether the denial of exemption for non-filing/late filing of this form is valid when the… Read More »
Compensation for Withdrawing Civil Suit Regarding Property Claim is Not Taxable as Capital Gains Issue Whether an amount received by an assessee for withdrawing a pending civil suit (claiming a share in a property) constitutes consideration for the “transfer of a capital asset” taxable under Capital Gains, particularly when the assessee’s right to the property… Read More »
12A Registration Allowed for Pre-1961 Trust Benefiting Scheduled Caste; Section 13(1)(b) Not Applicable Issue Whether the provisions of Section 13(1)(b) (denying exemption to trusts created for a particular religious community or caste) apply to a trust established in 1956, i.e., before the commencement of the Income-tax Act, 1961. Whether a trust established for the benefit… Read More »
Penalty u/s 43 of Black Money Act Deleted: Wife Added as Joint Holder for Administrative Convenience Not Liable Issue Whether a penalty of ₹10 Lakhs under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA), can be levied on an assessee (wife) for failing to disclose… Read More »
Adjudication Order Set Aside as Consultant’s Abrupt Exit Prevented Reply; Fresh Hearing Ordered. Issue Whether an ex-parte adjudication order raising a GST demand is sustainable when the petitioner failed to file a reply or appear for a hearing because their tax consultant abruptly disengaged without notice, thereby denying the petitioner a proper opportunity to defend… Read More »
Retrospective Cancellation of Supplier’s GST Registration Cannot Be Sole Ground to Deny ITC Issue ITC Denial: Can Input Tax Credit (ITC) be denied to a purchasing dealer solely on the ground that the supplier’s GST registration was cancelled with retrospective effect, even if the registration was active at the time of the transaction and the… Read More »
Refund of Wrongly Paid IGST Not Barred by Limitation; Article 265 Mandates Restitution Issue Whether the statutory limitation period (two years) under Section 54 of the CGST Act applies to a refund claim for IGST paid under a mistake of law (treated as export/inter-state), which was subsequently paid correctly as CGST + SGST (intra-state), or… Read More »