Reassessment Notice Issued Under New Regime Beyond Old Limitation Period Is Void and Without Jurisdiction Reassessment Notice Issued Under New Regime Beyond Old Limitation Period Is Void and Without Jurisdiction Issue Whether a reassessment notice issued under Section 148 under the new regime (post 01.04.2021) is legally valid when the maximum time limit prescribed for… Read More »
Supreme Court Affirms Notice Bearing Officer Name and Designation Is Valid Without Signature Under Section 282A Supreme Court Affirms Notice Bearing Officer Name and Designation Is Valid Without Signature Under Section 282A Issue Whether a reassessment notice issued under Section 148 is valid and duly authenticated under Section 282A when it bears the name and… Read More »
Ex-Parte Assessment Orders Set Aside and Remanded for De Novo Hearing Due to Improper Notice Service Ex-Parte Assessment Orders Set Aside and Remanded for De Novo Hearing Due to Improper Notice Service Issue Whether ex-parte assessment orders passed under Section 144 and confirmed ex-parte by CIT(A) should be set aside and remanded to the Jurisdictional… Read More »
Net Loss from Online Gaming After Accounting for Buy-In Amounts Is Not Taxable Under Section 115BB Issue Whether gross wallet credits can be taxed under Section 115BB when the assessee incurred an overall net loss in online gaming activity after accounting for buy-in deposits and user account transfers. Facts The assessee, an individual, filed a… Read More »
Reassessment Notice Beyond Three Years Is Invalid If Escaped Income Is Below Fifty Lakhs Reassessment Notice Beyond Three Years Is Invalid If Escaped Income Is Below Fifty Lakhs Issue Whether a reassessment notice issued under Section 148 beyond the three-year limitation period is valid when the initial allegation of unexplained cash deposits is dropped and… Read More »
Reassessment Cannot Be Sustained Where Reduction in Work-in-Progress Decreases Taxable Profit Without Escapement Reassessment Cannot Be Sustained Where Reduction in Work-in-Progress Decreases Taxable Profit Without Escapement Issue Whether reassessment proceedings under Section 147/148 are legally sustainable when an alleged higher valuation of closing Work-in-Progress (WIP) actually increases taxable income rather than causing income escapement, and… Read More »
Ex-Parte Assessment Remanded to Provide Assessee Fresh Opportunity of Hearing Under Principles of Natural Justice Ex-Parte Assessment Remanded to Provide Assessee Fresh Opportunity of Hearing Under Principles of Natural Justice Issue Whether an ex-parte assessment order under Section 144 and penalty under Section 271(1)(c) should be set aside and remanded for fresh adjudication when the… Read More »
Derivative Contract Value Cannot Be Closing Stock Nor Can Prior Year Opening Balances Be Taxed Under Section 69A Issue Whether derivative “sauda” (contract) value can be treated as closing stock to inflate capital, and whether Section 69A can be invoked to tax opening capital balances representing previous year closing balances as unexplained money. Facts The… Read More »
Stamp Duty Value on Date of Agreement Applies Under Proviso to Section 50C for Unregistered Agreements Stamp Duty Value on Date of Agreement Applies Under Proviso to Section 50C for Unregistered Agreements Issues Applicability of Stamp Duty Value on Date of Agreement: Whether the proviso to Section 50C requires an agreement to sell to be… Read More »
Remand Required to Verify Dual Salary Ledgers and Cash Payment Claims Under Section 40A(3) Remand Required to Verify Dual Salary Ledgers and Cash Payment Claims Under Section 40A(3) Issue Whether the disallowance of salary expenditure under Section 40A(3) for cash payments exceeding the prescribed limit is sustainable without complete verification of the assessee’s voluminous expense… Read More »