ITAT Recalls Order and Restores Appeal as Assessee Intended Only Partial Withdrawal Under MAP Scheme ITAT Recalls Order and Restores Appeal as Assessee Intended Only Partial Withdrawal Under MAP Scheme Issue Whether the Appellate Tribunal should recall its earlier order and restore an appeal under Section 254(2) when an order dismissing the entire appeal as… Read More »
High Court Will Not Disturb Concurrent Condonation Rejection Unless Findings Are Shown Perverse Issue Whether the High Court under Section 260A can re-appreciate factual findings and interfere with concurrent orders of the CIT(A) and the ITAT rejecting the condonation of a 441-day delay in filing a first appeal. Facts Delay in Appeal: For Assessment Year… Read More »
Section 153C Reassessment Lacking Specific Assessment Year Mapping in Satisfaction Note Quashed as Void Issue Whether proceedings initiated under Section 153C of the Income-tax Act, 1961 are legally valid when the satisfaction note recorded by the Assessing Officer fails to demonstrate how the seized incriminating material relates to specific assessment years. Facts Initiation of Proceedings:… Read More »
Reassessment Order and Notice Quashed as Sanction Was Granted Mechanically Without Considering Assessee’s Response Issue Whether an order under Section 148A(d) and the consequent reassessment notice under Section 148 are legally sustainable when sanction under Section 151 is granted mechanically without considering the reply filed by the assessee to the notice issued under Section 148A(b).… Read More »
Reassessment Notice Issued by Jurisdictional Officer Non-Facelessly Is Invalid and Lacks Statutory Jurisdiction Issue Whether a notice issued under Section 148 by a Jurisdictional Assessing Officer without following the automated allocation mechanism and faceless procedure mandated under Section 151A and the e-Assessment scheme is legally valid. Facts Reassessment Proceedings: Reassessment proceedings under Section 148 of… Read More »
Reassessment Notice Issued by Jurisdictional Assessing Officer Under Faceless Regime Quashed for Lacking Jurisdiction Issue Whether, under the faceless assessment regime governed by Sections 147, 148, 144B, 151A, and 132 of the Income-tax Act, 1961, a notice issued under Section 148 by a Jurisdictional Assessing Officer (JAO)—even if based on search and seizure information and… Read More »
PBDIT Adopted as PLI for Heavy Fixed Asset Investments and Mandatory Loss Set-Off Upheld Issue Selection of Profit Level Indicator (PLI): Whether Profit Before Depreciation, Interest, and Tax (PBDIT) should be adopted as the most appropriate PLI under TNMM when an assessee’s net profit is significantly affected by high depreciation resulting from substantial investments in… Read More »
ITAT Remands Ex-Parte Assessment of Unexplained Cash Credits to AO for Fresh Consideration Subject to Payment of ₹1 Lakh Cost Issue Whether an ex-parte assessment making substantial additions for unexplained cash credits under Section 68 and ad-hoc expenditure disallowances under Section 144/144B can be remanded to the Assessing Officer for de-novo consideration when the assessee… Read More »
Commercial Property Disqualification and Urban Location Do Not Bar Exemptions Under Sections 54F and 54B Issue Eligibility under Section 54F: Whether the ownership of a commercial property (SCO-7, Dhakoli, Zirakpur) disqualifies an assessee from claiming capital gains exemption under Section 54F on the ground of owning more than one residential house on the date of… Read More »
No Transfer Pricing Adjustments Permissible for Non-Existent Real Income from Bankrupt AEs or Inapplicable Valuation Mandates Issue Notional Interest on Quasi-Equity OFCDs: Whether transfer pricing provisions permit imputing notional interest on quasi-equity OFCDs where realization is uncertain and unrecognized under accounting principles. Interest Imputation on Invoked Corporate Guarantee Payments: Whether paying an invoked guarantee for… Read More »