No Penalty Under Section 271AAA Based on Presumed Sales of Unfound Stock Without Search Evidence Issue Whether penalty under Section 271AAA can be levied on an addition made for short physical stock of diamonds based on a mere presumption of unrecorded sales without any tangible evidence found during the search. Facts Search Operations: For Assessment… Read More »
AO Cannot Demand Negative Evidence of Non-Filing Appeal to Deny Section 270AA Immunity Issue Whether the Assessing Officer can demand “negative evidence” of non-filing of an appeal as a condition to grant immunity from penalty and prosecution under Section 270AA. Whether an order rejecting immunity under Section 270AA passed without considering the assessee’s reply is… Read More »
Capital Gains Tax on Slump Sale Cannot Exceed Valid Valuation Without Demonstrating Defects Under Rule 11UAE Issue Whether the Assessing Officer can disregard an accountant’s report in Form 3CEA and substitute the net worth valuation under Rule 11UAE to tax the entire slump sale consideration as capital gains without pointing out specific defects or issuing… Read More »
Reassessment Initiated on Misconceived Audit Objections Without Tangible Material Quashed Issue Whether reopening an assessment under Section 148 based on an audit objection alleging an inadmissible TDS deduction under Section 43B is valid when all material was available during original scrutiny and no fresh tangible material exists. Facts The assessee filed its return for Assessment… Read More »
Assessment Order Cannot Be Revisioned Under Section 263 for Issues Beyond Limited Scrutiny Scope Issue Whether a Principal Commissioner can invoke revisionary powers under Section 263 on an issue beyond the scope of limited scrutiny when the Assessing Officer did not examine it during assessment. Facts Limited Scrutiny Selection: For Assessment Year 2020-21, the assessee-company’s… Read More »
No Satisfaction Recorded for Section 14A and Arbitrary Pro-Rata Royalty Expenditure Allocation Remanded Issue Whether an additional disallowance under Section 14A read with Rule 8D can be made without the Assessing Officer recording objective dissatisfaction regarding the correctness of the assessee’s suo motu disallowance. Whether Section 115BBF(2) permits a blanket disallowance of general business expenditure… Read More »
Form 10 Filed in Time Validates Income Accumulation Regardless of Late Board Resolution Date Issue Whether an exemption under Section 11(2) for accumulation of income can be denied solely on the ground that the Board of Trustees passed the authorization resolution after the close of the financial year, even though Form 10 was filed within… Read More »
Land Distance to be Reckoned from Expanded Municipal Limits and Dishonoured Cheque Does Not Reduce Sale Consideration Issue Whether the distance of agricultural land from municipal limits for determining its status as a capital asset under Section 2(14) should be measured from the expanded municipal boundaries existing on the date of transfer. Whether non-receipt of… Read More »
Drive profitable growth with new data and measurement tools Drive profitable growth with new data and measurement tools Google giving you new ways to improve your measurement stack for the AI era. Learn how to strengthen your data foundation and use new Meridian improvements to grow your business. Earlier this year, we shared our vision… Read More »
Exploring Creative Intelligence with London’s Southbank Centre Exploring Creative Intelligence with London’s Southbank Centre A new weekend explores how artists, digital innovation and AI are reshaping the world we live in. This weekend, the Southbank Centre in London becomes a playground for creative technologies during the inaugural Creative Intelligence weekend, curated by PACT, Planetary Art… Read More »