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 »
Reassessment based on vague group-level search findings and lacking primary additions is invalid and quashed. Issue Whether a reassessment initiated under Section 148 based on generic group-level search reasons, without assessee-specific incriminating material, and approved mechanically under Section 151, is valid in law. Whether an Assessing Officer can complete a reassessment under Section 147 by… Read More »
Reassessment Completed Without Mandatory Section 143(2) Notice Is Without Jurisdiction and Void Issue Whether a reassessment completed under Section 147 read with Sections 144 and 144B is valid and sustainable when the Assessing Officer fails to issue a mandatory notice under Section 143(2) after the assessee specifically adopts an earlier filed return as the return… Read More »
Tribunal rules in favor of foreign bank PE on key tax and transfer pricing issues. Issues Section 44C vs. Section 37(1) Disallowance: Whether direct head office/overseas branch (HO/OB) expenses incurred on behalf of the Indian Permanent Establishment (PE) are subject to restriction under Section 44C or are fully allowable under Section 37(1). Taxability of Branch-to-HO… Read More »