Daily Archives: December 31, 2025

Co-operative Society Entitled to Section 80P(2)(d) Deduction on Interest Earned from Investments in Co-operative Banks; Section 80P(4) Restriction Inapplicable to Investor ISSUE Whether a Co-operative Society is entitled to claim deduction under Section 80P(2)(d) on interest income earned from investments made in Co-operative Banks, or if the provisions of Section 80P(4) (which excludes co-operative banks… Read More »

SLP Dismissed: Transfer of Jurisdiction from Delhi to Faridabad Valid; Director’s Link in Search Case Justifies Centralization ISSUE Whether an order under Section 127(2) transferring the jurisdiction of the assessee-company from New Delhi to Faridabad (Central Circle) is valid when the transfer is based on a search conducted on a Director (‘P’), despite the assessee’s… Read More »

Release of Seized Jewellery: 120-Day Limit Under Section 132B(1)(i) Held ‘Directory’; No Automatic Release if Explanation Verification is Pending ISSUE Whether the time limit of 120 days prescribed in the second proviso to Section 132B(1)(i) for the release of seized assets is mandatory (requiring automatic release upon expiry) or directory (allowing retention beyond 120 days… Read More »

Assessment Quashed: Final Order Post-DRP Directions Must Strict Adhere to Section 153 Limitation; AY 2020-21 Order Dated June 2024 Held Time-Barred ISSUE Whether the strict time limits prescribed under Section 153 (specifically Section 153(1) extended by Section 153(4) for Transfer Pricing cases) apply to the passing of the Final Assessment Order under Section 144C(13), and… Read More »

200% Penalty for Misreporting Deleted: Bona Fide Mistake in Claiming VRS Exemption in Revised Return Does Not Constitute Under-Reporting ISSUE Whether penalty under Section 270A (at 200% for misreporting) can be levied when an assessee, under a bona fide but mistaken belief, revises his return to claim exemption on VRS benefits, despite having originally disclosed… Read More »