Electronic filing of Form 10B during CIT(A) pendency satisfies audit requirements for Section 11 exemption Issue Whether a charitable trust can be denied tax exemption benefits under Section 11 and accumulation of income if it obtained its audit report in Form 10B before filing its return but failed to upload it electronically due to oversight,… Read More »
BSNL VRS 2019 compensation qualifies as tax-exempt retrenchment compensation under Section 10(10B) Issue Whether the ex-gratia compensation received by employees under the BSNL Voluntary Retirement Scheme (VRS), 2019, qualifies as tax-exempt retrenchment compensation under Section 10(10B) of the Income-tax Act, rather than under Section 10(10C), thereby constituting a fully exempt capital receipt. Facts The assessees… Read More »
Exempting Non-Shareholder Entities From Deemed Dividend Additions Under Section 2(22)(e) Issue Whether an addition on account of a deemed dividend under Section 2(22)(e) of the Income-tax Act, 1961 can be legally sustained in the hands of an entity that is not a registered or beneficial shareholder of the closely held company advancing the loan. Facts… Read More »
Co-owned land retained agricultural status making capital gains, stamp valuation, and cash additions unsustainable Issue Whether land sold by a co-owner retains its character as agricultural land outside the scope of a “capital asset” under Section 2(14) when robust documentary evidence confirms ongoing cultivation, and whether the Revenue can consequently invoke Section 50C for stamp… Read More »
Time Extended to Seek Reply Excludes from Limitation Period, Validating Revenue’s Reassessment Notice Issue Whether the time allowed or extended for an assessee to reply to a Section 148A(b) show cause notice must be excluded when computing the limitation period for issuing a reassessment notice, and whether a notice issued within 7 days of the… Read More »