Reassessment Under Section 148 Based on Non-Deduction of TDS and Written-Off Advances Is Invalid Due to Change of Opinion Reassessment Under Section 148 Based on Non-Deduction of TDS and Written-Off Advances Is Invalid Due to Change of Opinion Issue Whether issuance of a reassessment notice under Section 148 after four years is valid when the… Read More »
Section 148 Notice for AY 2015-16 Issued Post-Ashish Agarwal Beyond Limitation Period Is Invalid Issue Whether a Section 148 reassessment notice for Assessment Year 2015–16 issued on July 27, 2022, pursuant to the Supreme Court’s Ashish Agarwal ruling, is barred by limitation under the principles laid down in Union of India v. Rajeev Bansal. Facts… Read More »
Supreme Court Remits Section 148 Reassessment Jurisdiction Disputes to High Courts Following Governing Supreme Court Remits Section 148 Reassessment Jurisdiction Disputes to High Courts Following Governing Precedents Precedents Issue Whether reassessment notices issued under Section 148 by Jurisdictional Assessing Officers (JAOs) rather than the National Faceless Assessment Centre (NFAC) under Section 151A are valid, and… Read More »
Assessment Completed by ACIT Without Issuing Section 143(2) Notice Held Void for Want of Jurisdiction Issue Whether an assessment completed under Section 143(3) by an ACIT without issuing a mandatory notice under Section 143(2) is valid in law, where the initial Section 143(2) notice had been issued by an ITO. Facts The case pertains to… Read More »
Delay in Filing Form 10-IC for Section 115BAA Concessional Tax Condoned Due to Bona Fide Intention Issue Whether the rejection of an application under Section 119(2)(b) seeking condonation of delay in filing Form 10-IC to claim the concessional tax rate under Section 115BAA is sustainable when the taxpayer demonstrated a continuous bona fide intention to… Read More »
Interest Earned by Co-operative Housing Society from Co-operative Bank Investments Qualifies for Section 80P(2)(d) Deduction Issue Whether interest income earned by a co-operative housing society from fixed deposits placed with co-operative banks is eligible for deduction under Section 80P(2)(d) of the Income-tax Act, 1961. Facts The assessee is a co-operative housing society that invested surplus… Read More »
Company Performing Broader Auto Component Functions Qualifies as Comparable and Brought Forward Losses Must Be Set Off Issue Whether a company manufacturing core auto components, compressors, and filters qualifies as a valid functional comparable under TNMM, and whether the Assessing Officer must grant set-off of brought forward business losses omitted in the final tax computation… Read More »
Supreme Court Dismisses Revenue SLP, Affirming Section 153C Proceedings Invalid Without Direct Incriminating Search Material Issue Whether Section 153C assessment proceedings can be validly initiated against a third party based on unlinked search data and documents obtained post-search without any direct incriminating material found during the search. Facts A search under Section 132 was conducted… Read More »
Supreme Court Affirms JV Agreement Termination Receipts Non-Taxable Under Section 55(2) Supreme Court Affirms JV Agreement Termination Receipts Non-Taxable Under Section 55(2) Issue Whether compensation received by an assessee on the termination of a joint venture agreement for intangible assets/rights is taxable under Section 55(2) of the Income-tax Act, 1961, for Assessment Year 1998–99. Facts… Read More »
No Disallowance Under Section 40(a)(ia) for Short Deduction and Section 14A Disallowance Inapplicable to Book Profits Issue Whether deducting tax under a wrong TDS provision (Section 194C instead of Section 194I) triggers disallowance under Section 40(a)(ia), and whether disallowance under Section 14A read with Rule 8D can be added back while computing book profit under… Read More »