Tribunal Order Recalled for Limited Rectification Under Section 254(2) Due to Non-Adjudication of Ground Issue Whether the non-adjudication of a specific ground of appeal raised by the assessee constitutes a mistake apparent from the record under Section 254(2), warranting the recall of the Tribunal’s order for limited re-hearing. Facts Appeal & Ground Raised: The assessee… Read More »
Section 148 Reassessment Notice Issued Beyond Three Years Quashed as Escaped Income Was Below Fifty Lakhs Issue Whether a reassessment notice issued under Section 148 after three years from the end of the relevant assessment year is barred by limitation under Section 149 when the income escaping assessment attributable to the assessee is less than… Read More »
Reassessment Notices Issued On or After April 1, 2021 for AY 2015-16 Are Time-Barred and Quashed Issue Whether Section 148 reassessment notices issued on or after April 1, 2021 for Assessment Year 2015-16, and the consequential assessment orders passed thereon, are legally valid in view of the Supreme Court ruling in Union of India v.… Read More »
Cooperative Society Is Entitled to Section 80P(2)(d) Deduction on Interest Earned from Cooperative Banks Issue Whether a cooperative society is entitled to claim deduction under Section 80P(2)(d) on interest income earned from investments with cooperative banks, notwithstanding the provisions of Section 80P(4). Facts Deduction Claimed: For Assessment Year 2017-18, the assessee, a cooperative society, claimed… Read More »
Concurrent Findings Affirming Developer-Contractor Eligibility for Section 80-IA Infrastructure Deductions Upheld Under Section 260A Issue Whether an appeal under Section 260A raises a substantial question of law when authorities below concurrently hold that a road construction entity qualifies as a developer maintaining an infrastructure facility under Section 80-IA(4) rather than being merely a contractor. Facts… Read More »
Ex-Parte Non-Speaking Order Dismissing Appeal Without Deciding Merits Under Section 250(6) Set Aside and Remanded Issue Whether an ex-parte appellate order passed by the CIT(A) dismissing an appeal in limine without stating points for determination, decision, and reasons on merits violates Section 250(6) and is liable to be set aside and remanded. Facts Background &… Read More »
Section 54 Exemption Is Restricted to Actual Investment Made Before Due Date Without CGAS Deposit Issue Whether Section 54 exemption can be restricted to the amount actually invested before the due date under Section 139(1) when unutilised capital gains are not deposited in the Capital Gains Account Scheme (CGAS). Whether interest charged under Sections 234B… Read More »
Pre-Succession Partner Withdrawals and Asset Sales Do Not Violate Section 47(xiii), Preserving Section 80-IA Deduction Eligibility Issue Whether capital withdrawals by partners and sale of shares prior to a firm’s succession into a company violate proviso (a) and (c) to Section 47(xiii), rendering the succession a taxable transfer and disentitling the successor-company from claiming deduction… Read More »
ESOP Expenditure Allowed, TP Comparable Selection Principles Benchmark Benchmarking Adjustments Clarified Issue Whether ESOP discount/expenditure is allowable as a deductible business expense under Section 37(1). Whether royalty payments, trading/manufacturing segments, IT/ITES/software support services, and digital marketing support services transfer pricing (TP) benchmarking adjustments require exclusion of functionally dissimilar companies, consideration of extraordinary events, and verification… Read More »
Transfer Pricing Adjustment on CCD Interest Deleted and Section 94B Interest Computation Restored Issue Whether the TPO can recharacterize Compulsorily Convertible Debentures (CCDs) as equity and reduce the arm’s length price (ALP) of interest to nil under Section 92C. Whether interest expense on CCDs can be disallowed under Section 36(1)(iii) or Section 37(1) without factual… Read More »