Expenditure for Business Closure Is Disallowed Under Section 37(1), While Foreign Exchange Loss Cannot Be Estimated Issue Whether payments made for the closure of a business division are allowable under Section 37(1), and whether foreign exchange fluctuation losses can be disallowed on an estimated basis when actual data is available. Facts The assessee (a telecom… Read More »
Revisional Order Passed Without Valid Jurisdiction and on Properties Used for Profession Is Void Issue Whether a revisional order passed under Section 263 is legally valid when the show-cause notice was issued by an officer lacking valid PCIT jurisdiction, and where the Assessing Officer had already made inquiries accepting that the subject properties were used… Read More »
Intimation Under Section 143(1) Passed After Issuing Section 143(2) Scrutiny Notice Is Legally Void Issue Whether an intimation passed under Section 143(1) of the Income-tax Act, 1961 after the issuance of a scrutiny notice under Section 143(2) is legally void, rendering the subsequent assessment order under Section 143(3) that relies on it invalid. Facts The… Read More »
Absence of Possession and Compliance Under Transfer of Property Act Prevails, Negating Capital Gains Tax Liability Absence of Possession and Compliance Under Transfer of Property Act Prevails, Negating Capital Gains Tax Liability Issue Whether the execution of a Joint Development Agreement (JDA) constitutes a “transfer” of a capital asset under Section 2(47) of the Income-tax… Read More »
CBDT extends due dates for filing tax audit reports and ITRs… CBDT extends due dates for filing tax audit reports and ITRs… Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes CBDT extends due date for furnishing Return of Income for AY 2026-27 in respect of persons subject… Read More »