Reassessment Notice Issued Beyond Four Years Without Proof of Valid Sanction Under Section 151 Is Invalid Reassessment Notice Issued Beyond Four Years Without Proof of Valid Sanction Under Section 151 Is Invalid Issue Whether a reassessment notice issued under Section 148 beyond four years from the end of the relevant assessment year is legally valid… Read More »
Reassessment Notice Based on Mere Reason to Suspect Without Definite Escapement Belief Is Invalid and Quashed Issue Whether a notice issued under Section 148 for reassessment under Section 147 is legally sustainable when the reasons recorded by the Assessing Officer merely indicate a need for verification or lack of supporting details, amounting to a “reason… Read More »
Transfer Pricing Adjustment on Same Terms CCD Interest Unustified; Section 94B Recomputation Remanded Transfer Pricing Adjustment on Same Terms CCD Interest Unustified; Section 94B Recomputation Remanded Issue Whether TP adjustment treating ALP of interest on CCDs as Nil is sustainable when issued to AE and non-AE on identical terms. Whether the AO should re-verify and… Read More »
Cash deposits during demonetisation cannot be treated as unexplained money under section 69A when supported by regular books and business receipts. Cash deposits during demonetisation cannot be treated as unexplained money under section 69A when supported by regular books and business receipts. Issue Whether cash deposits made during the demonetisation period can be treated as… Read More »
Investments and Advances Carried Over From Preceding Year Fully Disclosed in Books Cannot Be Addition Under Section 69 Issue Whether an addition made under Section 69 read with Section 115BBE of the Income-tax Act, 1961 as unexplained investments is sustainable when the investments and short-term loans/advances were already disclosed in audited books and carried forward… Read More »
Supreme Court Dismisses Review Petition Under Section 68 As Publicly Available Documents Do Not Constitute New Evidence Supreme Court Dismisses Review Petition Under Section 68 As Publicly Available Documents Do Not Constitute New Evidence Issue Whether a review petition can be entertained under Order XLVII Rule 1 of the Code of Civil Procedure, 1908 to… Read More »
Reassessment Notice Issued to a Deceased Person and Solely Based on a Co-Owner’s DVO Report Is Void Issue Whether reassessment notices issued under Section 148 in the name of a deceased person, relying solely on a DVO report obtained in a co-owner’s case, are legally valid under Sections 159, 149, and 55A of the Income-tax… Read More »
Registration of Sale Deed Does Not Shift Taxability to a Subsequent Year When Consideration and Possession Were Completed Earlier Registration of Sale Deed Does Not Shift Taxability to a Subsequent Year When Consideration and Possession Were Completed Earlier Issue Whether section 43CA can be invoked in AY 2016-17 upon subsequent registration of a sale deed… Read More »
Reassessment Based on Change of Opinion is Impermissible and Section 201 Proceedings Do Not Bar Section 147 Action Issue Whether reopening an assessment on foreign remittances after considering details in original scrutiny constitutes an impermissible change of opinion, and whether pending Section 201 proceedings bar reassessment under Section 147. Facts The assessee-company, engaged in contract… Read More »
ESOP Expenditure and Out-of-Court Settlement Compensation for Right to Sue Are Allowable Business Deductions Issue Whether ESOP expenditure reimbursable to a foreign holding company is allowable under Section 37(1) during the vesting period, even if options are exercised subsequently. Whether disallowance under Section 40(a)(ia) can be sustained for non-deduction of TDS on out-of-court settlement compensation… Read More »