Reassessment for AY 2015-16 is quashed due to limitation bars and incorrect investment year. Issue Whether the reassessment proceedings initiated via a section 148 notice dated April 12, 2022, for the assessment year 2015-16 were barred by limitation and lacked proper application of mind by the Assessing Officer. Whether an addition for an unexplained investment… Read More »
Are you governed by Portuguese Civil Code as per section 5A? (If “YES” please fill Schedule 5A) * while filing ITR 2 , following questions has to be answered Are you governed by Portuguese Civil Code as per section 5A? (If “YES” please fill Schedule 5A) * You should select “NO” to this question unless… Read More »
Tax liabilities for period prior to CIRP stand extinguished upon approval of resolution plan. Issue Whether the Assessing Officer has the jurisdiction to pass a reassessment order or issue a demand notice under section 156 for a pre-CIRP period after the NCLT has already approved a corporate resolution plan under Section 31 of the Insolvency… Read More »
Do you want to claim the benefit u/s 115H (Applicable in case of Resident) in ITR 2026-27 The phrase “Do you want to claim the benefit u/s 115H” is a standard question found in Indian Income Tax Return (ITR) forms. It specifically applies to Non-Resident Indians (NRIs) who have recently returned to India and become… Read More »
Assessing Officer’s failure to follow mandatory Dispute Resolution Panel directions invalidates the final assessment. Issue Whether a final assessment order making tax additions under section 40(a)(i) can be legally sustained if the Assessing Officer deliberately fails to comply with a conditional and mandatory direction issued by the Dispute Resolution Panel (DRP) under section 144C(10). Facts… Read More »
Reassessment is quashed as notice issued beyond three years lacked mandatory approval from higher authority. Issue Whether a reassessment notice issued under section 148 beyond three years from the end of the relevant assessment year is legally valid if it was approved by the Principal Commissioner of Income Tax (PCIT) instead of the statutorily mandated… Read More »
Uncorroborated search additions, jewelry investments, and related tax claims are remanded for fresh factual adjudication. Issue Whether additions for alleged “on-money” based on a loose paper, unexplained jewelry, capital gains exemptions, and cash credits can be finalized without a comprehensive examination of factual evidence and statements. Whether section 153C search assessment proceedings against a third… Read More »
IPL franchisee’s franchise fees, celebrity hospitality, website charges, and paid provisions are deductible revenue expenditures. Issue Whether an IPL franchisee company is entitled to claim revenue deductions for its annual franchise fees, celebrity-related hospitality and travel costs, website expenses, club fees, and year-end salary and bonus provisions. Facts Franchise Fees: The assessee, an IPL franchise… Read More »
Unsubstantiated survey expenditure is disallowed, but partner remuneration must be recomputed on revised book profits, and regular business tax applies instead of section 115BBE. Issue There are three distinct core issues in this case: Whether an assessee can claim set-off of construction expenses against income surrendered during a section 133A survey without placing corroborative material… Read More »
Tribunal-directed tax exemption under section 10(23C)(vi) must be granted from assessment year 2018-19 following judicial discipline. Issue Whether the revenue can deny a section 10(23C)(vi) tax exemption for the assessment year 2018-19 on the grounds of application timelines, even though the ITAT (Tribunal) had explicitly directed the grant of approval starting from that specific assessment… Read More »