Supreme Court Dismisses Revenue SLP As Revision Under Section 263 Requires Independent Proof Of Error And Prejudice Supreme Court Dismisses Revenue SLP As Revision Under Section 263 Requires Independent Proof Of Error And Prejudice Issue Whether a revision order passed under Section 263 is valid when the tax authority fails to independently record and establish… Read More »
Inordinate Seven-Year Delay In Filing Appeal Cannot Be Condoned Merely On Counsel Ill-Health Grounds Inordinate Seven-Year Delay In Filing Appeal Cannot Be Condoned Merely On Counsel Ill-Health Grounds Issue Whether an inordinate delay of 2,415 days (nearly seven years) in filing a tax appeal under Section 260A can be condoned on grounds of counsel’s ill-health… Read More »
EDC Paid By Real Estate Developers To HUDA Does Not Attract TDS Provisions Under Section 194I Issue Whether External Development Charges (EDC) paid by a real estate developer to HUDA attract TDS under Section 194I as rent, and whether the Revenue can seek a remand to examine Section 194C when identical proceedings in the assessee’s… Read More »
AO Must Consider Section 170A Modified Return And Cannot Add Transfer Pricing Adjustments To MAT Issue Section 170A Modified Return: Whether the Assessing Officer is required to adopt a modified return filed u/s 170A post-NCLT merger scheme as the starting point for recomputing total income. Transfer Pricing Adjustments under MAT: Whether transfer pricing adjustments made… Read More »
High Court Holds Deduction Under Section 80HHC Cannot Be Reduced By Profits Allowed Under Section 80IA Issue Whether Section 80IA(9) mandates that profits allowed as a deduction under Section 80IA(1) must be reduced from business profits while computing deductions under Section 80HHC under Chapter VI-A. Facts Assessment Year: The matter pertains to Assessment Year 2002-03… Read More »
Reopening Assessment Without New Tangible Material Amounts To Invalid Change Of Opinion Reopening Assessment Without New Tangible Material Amounts To Invalid Change Of Opinion Issue Whether reopening an assessment under Section 147 based on an Investigation Wing report is legally sustainable when no new tangible material was discovered and the original assessment under Section 143(3)… Read More »
Unexplained Capital Introduced By Partners Cannot Be Added As Cash Credit Under Section 68 In Hands Of Partnership Firm Unexplained Capital Introduced By Partners Cannot Be Added As Cash Credit Under Section 68 In Hands Of Partnership Firm Issue Whether an addition under Section 68 for unexplained cash credit can be made in the hands… Read More »
Interest Incurred Post Project Completion On Unsold Inventory Is Deductible Revenue Expense Upon TDS Compliance Interest Incurred Post Project Completion On Unsold Inventory Is Deductible Revenue Expense Upon TDS Compliance Issue Whether interest expenditure incurred after the completion of a real estate project on borrowed funds relatable to unsold stock-in-trade must be capitalized to flat… Read More »
Registration Under Section 12AB Restored As Primary Proof Exists Via Affidavit And Departmental Records Registration Under Section 12AB Restored As Primary Proof Exists Via Affidavit And Departmental Records Issue Whether CIT(E) can reject a Section 12AB registration application solely for lack of an original physical pre-2021 registration certificate when official departmental records and trustee… Read More »
ITAT Remands Rejections Of Trust Registrations And Section 80G Approvals For Fresh Adjudication ITAT Remands Rejections Of Trust Registrations And Section 80G Approvals For Fresh Adjudication Issue Whether Section 12A/12AB registration or Section 80G approval can be rejected solely due to technical errors, such as selecting the wrong clause in online forms. Whether rejection of… Read More »