Category Archives: Income Tax

Pending Rectification Appeal Does Not Bar Reassessment Under Section 148 Based On Fresh Section 135A Information

By | August 5, 2026
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Pending Rectification Appeal Does Not Bar Reassessment Under Section 148 Based On Fresh Section 135A Information Pending Rectification Appeal Does Not Bar Reassessment Under Section 148 Based On Fresh Section 135A Information Issue Whether the issuance of a reassessment notice under Section 148 based on independent information received under Section 135A is jurisdictionally barred or… Read More »

Enhanced 60% Tax Rate and Surcharge Under Amended Section 115BBE Applies Prospectively From AY 2017-18

By | August 5, 2026
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Enhanced 60% Tax Rate and Surcharge Under Amended Section 115BBE Applies Prospectively From AY 2017-18 Issue Whether the enhanced tax rate of 60% with a 25% surcharge under Section 115BBE and penalty under Section 271AAC, introduced by the Taxation Laws (Second Amendment) Act, 2016, applies retrospectively to cash deposits made during Financial Year 2016-17 (Assessment… Read More »

Mandatory Interest Provisions under Sections 234C and 244A Require Factual Verification and Accurate Recomputation by AO

By | August 5, 2026
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Mandatory Interest Provisions under Sections 234C and 244A Require Factual Verification and Accurate Recomputation by AO Issue Whether the levy of deferment interest under Section 234C requires factual verification of advance tax liability and payment dates at the level of the Assessing Officer. Whether a claim regarding short grant of statutory interest on tax refund… Read More »

High Court Sets Aside Order and Remands Matter to Tribunal for Deciding Section 144B Non-Compliance

By | August 5, 2026
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High Court Sets Aside Order and Remands Matter to Tribunal for Deciding Section 144B Non-Compliance Issue Whether the Tribunal erred in confirming a 12.5% disallowance on purchases without deciding the fundamental jurisdictional issue of non-issuance of a mandatory draft show-cause notice under Section 144B(6)(xi) and without evaluating the complete documentary evidence on merits. Facts The… Read More »

Unexplained Investment Additions Based on Dumb Search Documents and Insight Portal Summaries Are Invalid

By | August 5, 2026
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Unexplained Investment Additions Based on Dumb Search Documents and Insight Portal Summaries Are Invalid Issue Whether an addition under Section 69 for alleged cash “on-money” payment is sustainable when based on a dumb document from a third-party search that mentions neither the assessee’s name nor any explicit cash receipt. Whether a reassessment notice issued under… Read More »

Supreme Court Dismisses Revenue’s SLP Against Deletion of Section 68 Penny Stock LTCG Addition Supported by Complete Documentary Evidence

By | August 5, 2026
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Supreme Court Dismisses Revenue’s SLP Against Deletion of Section 68 Penny Stock LTCG Addition Supported by Complete Documentary Evidence Supreme Court Dismisses Revenue’s SLP Against Deletion of Section 68 Penny Stock LTCG Addition Supported by Complete Documentary Evidence Issue Whether the Supreme Court should interfere with the High Court’s decision affirming the deletion of a… Read More »

Reassessment Beyond Three Years Under Section 148 Void Without Establishing Section 149(1)(b) Conditions

By | August 5, 2026
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Reassessment Beyond Three Years Under Section 148 Void Without Establishing Section 149(1)(b) Conditions Reassessment Beyond Three Years Under Section 148 Void Without Establishing Section 149(1)(b) Conditions Issue Whether a reassessment notice issued under Section 148 beyond the three-year limitation period is legally valid when the Assessing Officer fails to demonstrate that seized materials directly relate… Read More »

Circle rate applies for capital gains deemed consideration and Section 54F applies to JDA flats subject to construction completion verification

By | August 5, 2026
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Circle rate applies for capital gains deemed consideration and Section 54F applies to JDA flats subject to construction completion verification Circle rate applies for capital gains deemed consideration and Section 54F applies to JDA flats subject to construction completion verification Issue Whether the Assessing Officer was justified in adopting the Joint Development Agreement (JDA) contract… Read More »

Reassessment notice under Section 148 based on surmises of Section 41(1) interest waiver is invalid.

By | August 5, 2026
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Reassessment notice under Section 148 based on surmises of Section 41(1) interest waiver is invalid. Reassessment notice under Section 148 based on surmises of Section 41(1) interest waiver is invalid. Issue Whether a reassessment notice issued under Section 148 based on surmises and conjectures that the assessee might have claimed deduction for unpaid interest—which was… Read More »

SLP granted against treating receipts as salary and disallowing interest expenses lacking business nexus.

By | August 5, 2026
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SLP granted against treating receipts as salary and disallowing interest expenses lacking business nexus. Issue Whether Special Leave Petition (SLP) should be granted against the High Court’s ruling treating director’s receipts from a company as salary rather than professional/business income due to failure to produce service agreements. Whether SLP should be granted against the disallowance… Read More »