Notice Signed on 31 March 2021 but Dispatched on 1 April 2021 Is Deemed Issued Post-Amendment Issue Whether a reassessment notice under Section 148 dated and digitally signed on 31 March 2021, but dispatched via the ITBA system on 1 April 2021, is deemed issued under the amended law requiring compliance with Section 148A. Facts… Read More »
Reassessment Additions Unsustainable If Primary Reopening Grounds Do Not Result in Any Tax Addition Issue Whether an Assessing Officer can make tax additions on newly discovered issues during reassessment proceedings if no addition is made on the original issue that formed the basis for reopening the assessment. Facts Assessment Year: Assessment Year 2020–21. Initiation of… Read More »
Notice of Demand Unbacked by Scrutiny Assessment Order Findings Is Legally Unsustainable Issue Whether a demand notice under Section 156 and computation sheet raising additional tax and interest is legally valid when the assessment order under Section 143(3) explicitly accepts the returned income without any additions or supporting findings. Facts Assessee Profile & Filing: The… Read More »
High Court Can Condon Delay in Return Filing Despite CBDT Circular Time Limits High Court Can Condon Delay in Return Filing Despite CBDT Circular Time Limits Issue Whether the High Court has the power to condone a delay in filing an income tax return under Section 119(2)(b) even after CBDT Circular No. 16/2024 prescribes a… Read More »
High Court Directs Specific Procedure for Handling Tax Returns of Judges Pending Final Writ Adjudication High Court Directs Specific Procedure for Handling Tax Returns of Judges Pending Final Writ Adjudication Issue Whether the interim order prohibiting the processing of income tax returns of High Court and Supreme Court Judges under the new tax regime (Section… Read More »
Unexplained Cash Deposits Cannot Claim Section 10(26) Exemption and Are Taxable Under Section 69A Issue Whether cash deposited in bank accounts by a Scheduled Tribe individual can be treated as exempt income under Section 10(26) when the assessee fails to establish a valid and verifiable source for such cash deposits. Facts Assessee Status: The assessee… Read More »
Addition Under Section 69 Unproductive When Immovable Property Purchases Are Recorded in Books Issue Whether an addition under Section 69 for unexplained investments can be made in the hands of a partnership firm when the acquisition of immovable properties is fully recorded in the firm’s books of account and funded through partners’ capital contributions. Facts… Read More »
TNMM Trumps RPM for Distributors Performing Value-Added Services; Double Taxation Issue Remanded for AO Verification Issue Whether Resale Price Method (RPM) can be applied instead of Transactional Net Margin Method (TNMM) as the Most Appropriate Method (MAM) when a distributor carries out extensive post-import value additions on medical equipment. Whether an amount credited to the… Read More »
Composite Non-Compete Consideration Amortizable as Deferred Revenue and Aborted Project Expenses Fully Allowable Issue Whether a composite consideration paid for the assignment of goodwill and restrictive non-compete covenants can be claimed as deferred revenue expenditure under Section 37(1), and whether preliminary expenses incurred for a business expansion project that was ultimately aborted are allowable as… Read More »
Requirement of Degree in Agricultural Science for Valuers of Agricultural Land Under Rule 8A(3) Is Constitutionally Valid Requirement of Degree in Agricultural Science for Valuers of Agricultural Land Under Rule 8A(3) Is Constitutionally Valid Issue Whether Rule 8A(3) of the Wealth-tax Rules, 1957, which mandates a degree in Agricultural Science for registration as a valuer… Read More »