Final Assessment Order Passed in the Name of an Amalgamated, Non-Existent Entity is Void Issue Whether DRP directions and a final assessment order passed under Section 143(3) read with Sections 144C(13) and 144B in the name of an erstwhile amalgamated company are valid, when the fact of amalgamation and subsequent name change had already been… Read More »
Assessee Entitled to Interest on Delayed Release of Seized Certificates Plus Interest on Interest Assessee Entitled to Interest on Delayed Release of Seized Certificates Plus Interest on Interest Issue Whether an assessee is entitled to interest on the maturity value of Kisan Vikas Patras (KVPs) and Indira Vikas Patras (IVPs) for the period they were… Read More »
Downward Profit Adjustments Unsustainable Without Material Proof and Financially Distressed Comparables Must Be Excluded Downward Profit Adjustments Unsustainable Without Material Proof and Financially Distressed Comparables Must Be Excluded Issue Whether a profit adjustment under Section 80-IA(10) can be sustained if the Transfer Pricing Officer (TPO) fails to provide material evidence proving a close connection, an… Read More »
Rebate Under Section 87A Cannot Be Denied on Section 112 Capital Gains for Assessment Year 2024-25 Issue Whether a resident individual opting for the new tax regime under Section 115BAC is eligible to claim a tax rebate under Section 87A against long-term capital gains taxable under Section 112, provided their total income does not exceed… Read More »
Interest Income From Mandatory Bank Deposits Is Business Income Eligible For Section 80P Deduction Issue Whether interest income earned by a co-operative society from statutory and compulsory deposits placed with co-operative or scheduled banks in compliance with State co-operative laws is assessable as business income eligible for deduction under Section 80P(2)(a)(i), or as income from… Read More »
Reassessment Notice Quashed as Seized Third-Party Loose Paper Failed to Establish a Live Link Reassessment Notice Quashed as Seized Third-Party Loose Paper Failed to Establish a Live Link Issue Whether a reassessment notice issued under Section 148 to tax alleged “on-money” under Section 69A is valid when it is based solely on a third-party seized… Read More »
Orders Denying Capital Gains Exemption Set Aside for Failure to Consider Alternative Section 54EB Claim Issue Whether the tax authorities’ blanket denial of a capital gains exemption constituted a non-application of mind because they failed to consider the assessee’s alternative request to evaluate the reinvested long-term capital gains under Section 54EB after Section 54B was… Read More »
Delay of 252 days condoned by ITAT; CIT(A) order dismissing JDA capital gains claim in limine set aside for failure to evaluate delay condonation. Issue Whether the Income Tax Appellate Tribunal (ITAT) should condone a 252-day delay in filing an appeal by a deceased assessee’s legal heir, and whether the CIT(A) was justified in dismissing… Read More »
TPO cannot value actual intra-group services at ‘Nil’ based on a subjective ‘benefit test’, and sequential commercial disallowance under section 37(1) cannot survive if the TP adjustment is deleted. Issue Whether the Transfer Pricing Officer (TPO) was legally justified in determining the Arm’s Length Price (ALP) of intra-group services at ‘Nil’ based on a subjective… Read More »
Consequential verification by AO infirms PCIT’s revisionary order, but unverified CSR and TDS interest claims stand remanded. Consequential verification by AO infirms PCIT’s revisionary order, but unverified CSR and TDS interest claims stand remanded. Issue Whether the Principal Commissioner of Income-tax (PCIT) was legally justified in invoking revisionary jurisdiction under section 263 on the grounds… Read More »