Reassessment Completed Without Mandatory Section 143(2) Scrutiny Notice After Filing Return Is Legally Invalid Issue Whether a reassessment completed ex-parte under Section 147 read with Sections 144 and 144B is legally sustainable when the Assessing Officer fails to issue a mandatory scrutiny notice under Section 143(2) after the assessee files a return in response to… Read More »
Delay in Filing Revised Return Must Be Condoned to Avoid Double Taxation and Unjust Enrichment Delay in Filing Revised Return Must Be Condoned to Avoid Double Taxation and Unjust Enrichment Issue Whether the Principal Chief Commissioner of Income Tax erred in rejecting an application under Section 119(2)(b) seeking condonation of delay to file a belated… Read More »
Primary Co-operative Society Entitled to Section 80P Deduction Despite Filing Belated Return Subject to Paying Nominal Costs Issue Whether a Primary Co-operative Society can be granted the substantive benefit of deduction under Section 80P of the Income-tax Act, 1961, read with Section 80AC, despite having filed its return of income beyond the statutory due date.… Read More »
Reassessment Notice Issued Beyond Three Years for Alleged Escaped Income Below Fifty Lakhs Is Time-Barred Reassessment Notice Issued Beyond Three Years for Alleged Escaped Income Below Fifty Lakhs Is Time-Barred Issue Whether reassessment proceedings initiated under Section 148 regarding bogus political party donations are valid when the notice is issued after the three-year limitation period… Read More »
Addition Under Section 69C Based on Uncorroborated Third-Party Seized Notebook and Incorrect Assessment Year Is Impermissible Issue Whether an addition under Section 69C for alleged unexplained election expenditure can be sustained when based on a loose notebook seized from a third party without corroborative evidence, and whether undated entries relating to a 2019 Lok Sabha… Read More »
Reassessment Based on Change of Opinion on Verified Capital Gains and Exemption Claims Is Impermissible Issue Whether reassessment proceedings initiated under Section 148 based on information from the Insight Portal regarding the valuation and genuineness of a share transaction are legally sustainable when the transaction and Section 54F exemption claim were already examined and accepted… Read More »
CPC Cannot Disallow Diminution in Subsidiary Investment Under Section 143(1)(a) Contrary to Jurisdictional High Court Ruling Issue Whether CPC can disallow a claim for diminution in value of investment in a wholly-owned subsidiary under Section 143(1)(a) based solely on a Tax Audit Report when a binding Jurisdictional High Court decision allows it, and whether non-consideration… Read More »
Assessee-Trust Created with Both Charitable and Religious Objects Is Fully Entitled to Section 12AA Registration Issue Whether Section 12AA differentiates between trusts created for charitable vs. religious purposes, and whether a trust established with both charitable and religious objects is eligible for registration under Section 12AA of the Income-tax Act, 1961. Facts Nature of Trust:… Read More »
Ex-Gratia Under BSNL Voluntary Retirement Scheme 2019 Qualifies for Exemption Under Section 10(10B) Ex-Gratia Under BSNL Voluntary Retirement Scheme 2019 Qualifies for Exemption Under Section 10(10B) Issue Whether an assessee who opted for the BSNL Voluntary Retirement Scheme, 2019 can claim exemption under Section 10(10B) for ex-gratia compensation before appellate authorities, even if claimed under… Read More »
Assessee Eligible for Depreciation, Various Deductions, and Exemptions; Ad Hoc Travel Disallowance Restricted to Ten Percent Issue Whether the assessee-company is entitled to deductions, exemptions, and depreciation regarding block of assets, Section 14A disallowances, non-deduction of TDS on demurrage and consultancy, write-offs, business expenditures, and various operational expenses across assessment years 2009-10 to 2016-17. Facts… Read More »