Reassessment Notice Issued Beyond Statutory Limitation Period Under First Proviso to Section 149(1) Is Void Reassessment Notice Issued Beyond Statutory Limitation Period Under First Proviso to Section 149(1) Is Void Issue Whether a reassessment notice issued under Section 148 on 20.03.2024 for Assessment Year 2015-16 is barred by limitation under the first proviso to Section… Read More »
Amalgamated Company Entitled to Carry Forward and Set Off MAT Credit of Amalgamating Entities Issue Whether an amalgamated company is entitled to carry forward and set off unutilised Minimum Alternate Tax (MAT) credit under Section 115JAA pertaining to amalgamating companies pursuant to an NCLT-sanctioned scheme of amalgamation. Facts The assessee-company amalgamated eleven group companies with… Read More »
Belated New Tax Regime Option Denied for AY 2021-22, But Form 10-IE Sustains Future Benefits Belated New Tax Regime Option Denied for AY 2021-22, But Form 10-IE Sustains Future Benefits Issue AY 2021-22: Whether an individual who files Form 10-IE and exercises the option for the new tax regime under Section 115BAC after the due… Read More »
Corporate guarantee to AE is an international transaction ineligible for Section 80-IAB deduction. Issue Corporate Guarantee as International Transaction: Whether providing an irrevocable and unconditional corporate guarantee to an Associated Enterprise (AE) constitutes an “international transaction” requiring determination of the Arm’s Length Price (ALP). Eligibility for Section 80-IAB Deduction: Whether a corporate guarantee fee (or… Read More »
Stay of Tax Demand Granted as Reassessment Addition Violated Principles of Natural Justice Issue Violation of Natural Justice: Whether making a massive addition under Section 69C for un-reconciled import figures—without providing the assessee with the requested invoice-wise and bill-of-entry-wise breakup—violates the principles of natural justice, rendering the resulting demand stayable. Mandatory 20% Pre-Deposit for Stay:… Read More »
Assessee Must Provide CBI Status Report for Re-adjudication of LOC Scam Undisclosed Income Additions Issue Whether the Assessing Officer was justified in framing reassessments and whether the matter should be remanded for de novo adjudication after the assessee failed to fully comply with earlier directions to furnish periodic status reports on CBI/Civil Court proceedings concerning… Read More »
Section 263 Revision Valid as Interest Embedded in Debenture-to-Share Conversion Remains Taxable under Section 56 Issue Whether an assessment order completed under Section 147 without proper inquiry or application of mind by the Assessing Officer regarding accrued debenture interest is erroneous and prejudicial to the interests of the Revenue under Section 263. Whether interest income… Read More »
Matter Remanded to Assessing Officer to Reference DVO and Redetermine Capital Gains under Section 50C Issue Whether a reassessment order determining short-term capital gains under Section 50C by setting the cost of acquisition to NIL—without referring the property valuation to a Departmental Valuation Officer (DVO) or properly examining the acquisition details—is sustainable in law. Facts… Read More »
Full cost of property acquisition corroborated by loan records must be allowed for computing capital gains. Issue Capital Gains Computation (Cost of Acquisition): Whether construction and land acquisition costs supported by an agreement to sell and corroborated by housing loan disbursement documents can be included in the “cost of acquisition” under Section 48, even if… Read More »
Additions in unabated Section 153A assessments without incriminating search material are unsustainable in law. Issue Additions in Unabated Years under Section 153A: Whether additions or disallowances (such as unsecured loans under Section 68 and related interest, and Section 69A/69C additions) can be sustained in Section 153A assessments for completed/unabated assessment years without any incriminating material… Read More »