Failure to Issue Section 143 Notice and Unsubstantiated Section 68 Addition Invalidates Reassessment Order Issue Whether a reassessment completed under Section 147 without issuing a mandatory notice under Section 143(2), after the assessee filed a return in response to a Section 148 notice, is bad in law and liable to be quashed ab initio. Whether… Read More »
Reassessment Initiated on Previously Examined Share Sales Amounts to Impermissible Change of Opinion and Must Be Quashed Reassessment Initiated on Previously Examined Share Sales Amounts to Impermissible Change of Opinion and Must Be Quashed Issue Whether reopening an assessment under Section 148 is legally sustainable when the Assessing Officer re-evaluates the same share purchase and… Read More »
Penalties Paid to Stock Exchanges and Penalty on Health and Education Cess Claimed Pre-Retrospective Amendment Deleted Issue Whether payments made to stock exchanges for operational lapses (e.g., bad delivery, short delivery, client code modification) are allowable business expenditures under Section 37(1) or hit by Explanation 1 as penalties for violation of law. Whether penalty under… Read More »
Delay in DSIR Approval Cannot Bar Section 35(1)(iv) Capital Expenditure Deduction for R&D Building Issue Whether an assessee engaged in manufacturing resins is entitled to claim deduction under Section 35(1)(iv) read with Section 35(2) of the Income-tax Act, 1961 for capital expenditure incurred on the construction of an R&D building, where the Assessing Officer disallowed… Read More »
Delay of 22 Days in Filing Form 10B Does Not Bar Section 11 Exemption if Report is Available Before Processing Issue Whether an assessee registered as a charitable trust/section 8 company can be denied exemption under Section 11 of the Income-tax Act, 1961 due to a 22-day delay in submitting Form 10B prior to the… Read More »