High Court Order Condoning Jurisdictional Revenue Delay and Affirming Abatement of TPO Order Upheld Issue Whether the Supreme Court should interfere with the High Court’s order condoning a 341-day delay in filing an appeal by the Revenue and upholding the deletion of transfer pricing adjustments due to the abatement of original proceedings following a search… Read More »
Banking Trail Fails To Save Political Donation Proved Fake By Search Findings And Investigation Issue Whether banking channel transactions and receipts suffice to claim Section 80GGC political donation deduction when search materials and investigations prove the contribution was an accommodation entry. Facts Donation Claimed: For Assessment Year 2019-20, the assessee claimed a tax deduction under… Read More »
Mandatory Corporate Social Responsibility Contributions Eligible For Section 80G Deduction Independent Of Section 37 Disallowance Issue Whether the Principal Commissioner of Income Tax (PCIT) can invoke revisionary jurisdiction under Section 263 to set aside an assessment order allowing a Section 80G deduction on CSR contributions that were added back under Section 37(1). Facts CSR Expenditure… Read More »
High Court Refuses Section 260A Review as Gold Bar Value Addition Pertains Purely to Facts Issue Whether a substantial question of law arises under Section 260A of the Income-tax Act, 1961 against the Tribunal’s order upholding the Section 69A addition for unexplained gold bars found in the assessee’s locker. Facts Locker Search & Discovery: The… Read More »
Tribunal Correctly Dismisses Inordinately Delayed Appeal Where Cash Credit Assessment Stood Unexplained Without Delay Condonation Issue Whether the Appellate Tribunal was justified in dismissing the assessee’s appeal in limine as time-barred where there was an unexplained, inordinate delay of 2,628 days and unrectified defects, despite the assessee claiming lack of knowledge of the ex-parte proceedings.… Read More »
Section 56(2)(x) Inapplicable To Stock-In-Trade Purchases; Reassessment Proceedings Quashed and Supreme Court Dismisses Revenue SLP Issue Whether Section 56(2)(x) applies to land acquired and held as stock-in-trade by a real estate developer, and whether reassessment under Section 148 initiated without new tangible material on previously examined stock transactions is sustainable. Facts Business & Transaction: The… Read More »
Corporate Guarantee Fee Reduced to Half Percent, TP Segmental Verification Remanded, and Belated Return Restrictions Excluded for Brought-Forward Loss and Unabsorbed Depreciation Issue Whether corporate guarantee rates can be benchmarked against bank guarantee rates, whether internal TNMM should be evaluated via certified segmental accounts, and whether belated filing of a return under Section 139(4) disentitles… Read More »
SLP Dismissed As Reassessment Notice Based On Mere Change Of Opinion Devoid Of New Material Issue Whether the Supreme Court should interfere with the High Court’s order quashing Section 148 notice and Section 148A(d) order when reassessment was initiated on issues already examined during original assessment under Section 143(3). Facts Original Return and Scrutiny: The… Read More »
Non-Compete Fee Taxable in Right Assessee’s Hands Following Binding Precedent Deleting Duplicate Slump Sale Addition Issue Whether the Tribunal was justified in upholding the deletion of an addition of ₹9 crores made towards non-compete fee and slump sale in the assessee’s hands, when the taxability of ₹7 crores of the said non-compete fee received by… Read More »
Bank Cannot Priority-Claim Benami Property When Unencumbered Borrower Assets are Sufficient for SARFAESI Recovery Issue Whether a secured creditor bank under the SARFAESI Act has priority to enforce its mortgage over a property attached as benami under the PBPT Act, when the benamidar had no legal right to mortgage the property and the bank holds… Read More »