Section 153A Assessment is Invalid Without a Search Warrant or Panchnama in the Assessee’s Name Issue Whether the Assessing Officer is legally justified in assuming jurisdiction and framing an assessment under Section 153A against an individual when the underlying search action under Section 132 was not validly initiated in that specific individual’s name. Facts The… Read More »
Escaped Assessment Notices Struck Down if for AY 2015-16, Else Remanded for Redetermination Escaped Assessment Notices Struck Down if for AY 2015-16, Else Remanded for Redetermination Issue Whether the impugned reassessment notices are liable to be struck down outrightly under the revenue’s concession if they pertain to Assessment Year 2015-16, or whether the matters should… Read More »
Assessing Officer Must Apply Comparable Gross Profit Rate and Cannot Make Separate Expense Disallowances After Rejecting Books Assessing Officer Must Apply Comparable Gross Profit Rate and Cannot Make Separate Expense Disallowances After Rejecting Books Issue Whether the Assessing Officer is justified in estimating a liquor trader’s gross profit at 4% when a 3.13% rate was… Read More »
Unrecorded Sales Gross Profit Estimate Deleted As Assessing Officer Failed To Formally Reject Books Unrecorded Sales Gross Profit Estimate Deleted As Assessing Officer Failed To Formally Reject Books Issue Whether the Assessing Officer can legally estimate a firm’s gross profit on unrecorded sales without formally rejecting its books of account under section 145(3) or invoking… Read More »
Medical Reimbursements Up to ₹15,000 Are Exempt From Fringe Benefit Tax for Employers Issue Whether medical reimbursements up to ₹15,000 per employee per annum, which are exempt from tax in the hands of the employees, are liable for Fringe Benefit Tax (FBT) in the hands of the employer under Section 115WB. Facts The case pertains… Read More »
Pure Equity Debentures Excluded from MAT Transition Amount; Section 14A Disallowance Fails Without Recorded Dissatisfaction Issue Whether Fully Convertible Debentures (FCDs/ZOFCDs) consisting purely of equity components can be categorized as Compound Financial Instruments (CFIs) or “other equity” to trigger a book profit increase under the MAT transition amount provisions of Section 115JB(2C). Whether an Assessing… Read More »
Hiring Receipts Are Commercial Business Income, but Publication and Staff Costs Qualify as Valid Charitable Accumulation Application Issue Whether the receipts from commercially hiring out conference and auditorium facilities constitute business income under section 11(4A) due to active property exploitation, and whether expenses on publications, printing, and administrative salaries qualify as the application of accumulated… Read More »