TDS Credit Cannot Be Denied To Assessee When Deducted And Deposited Under Their PAN Issue Whether an assessee, acting as a Kaccha Arahtia/commission agent, is entitled to full credit of TDS deducted under Section 194Q by purchasers and deposited into the Government Treasury under their PAN, even if the corresponding gross turnover was not taxable… Read More »
Reassessment Sanction Granted by PCIT Instead of PCCIT After Three Years Is Void Ab Initio Reassessment Sanction Granted by PCIT Instead of PCCIT After Three Years Is Void Ab Initio Issue Whether a reassessment notice issued under Section 148 and an order passed under Section 148A(d) after the expiry of three years from the end… Read More »
Reassessment Sanction Granted by PCIT Instead of PCCIT After Three Years Is Void Ab Initio Reassessment Sanction Granted by PCIT Instead of PCCIT After Three Years Is Void Ab Initio Issue Whether a reassessment notice issued under Section 148 and an order passed under Section 148A(d) after the expiry of three years from the end… Read More »
Intra-City Transfer of Tax Cases Under Section 127 Requires No Notice or Hearing to Assessee Intra-City Transfer of Tax Cases Under Section 127 Requires No Notice or Hearing to Assessee Issue Whether transfer orders passed under Section 127 moving an assessee’s assessment case between Assessing Officers within the same city require prior notice or an… Read More »
Section 154 Limitation Runs From Reassessment Order, and Capital Subsidy Excludes From MAT Section 154 Limitation Runs From Reassessment Order, and Capital Subsidy Excludes From MAT Issue Whether the limitation period for filing a Section 154 rectification application is calculated from the original assessment order or the reassessment order, especially when the reassessment dispute was… Read More »
Typographical Error in ITR Regarding First Opted Year Cannot Deny Section 115BAC New Tax Regime Benefit Issue Whether an individual assessee who opted for the new tax regime under Section 115BAC in Assessment Year 2021-22 by filing Form 10-IE can be denied the Section 115BAC tax benefit for Assessment Year 2023-24 solely due to an… Read More »
Ex-Gratia Amount Received On Voluntary Retirement Under Employer Scheme Is Non-Taxable Capital Receipt Issue Whether ex-gratia/settlement amounts received by an employee upon opting for voluntary retirement under an employer’s financial scheme constitute a non-taxable capital receipt or taxable income under Section 56(2)(xi) / Section 17 of the Income-tax Act, 1961. Facts Background & Receipt: The… Read More »
LTCG Exempt Under Section 10(38) Cannot Be Treated as Cash Credit if Sale Is Bona Fide Issue Whether Long Term Capital Gain (LTCG) claimed exempt under Section 10(38) on the sale of shares can be treated as bogus accommodation entry and added as cash credit under Section 68 when the transactions are backed by complete… Read More »
Assessing Officer Cannot Force NAV Method Over DCF Chosen by Assessee Under Rule 11UA Assessing Officer Cannot Force NAV Method Over DCF Chosen by Assessee Under Rule 11UA Issue Whether the Assessing Officer (AO) has the statutory authority to unilaterally reject the Discounted Cash Flow (DCF) valuation method chosen by the assessee under Rule 11UA(2)… Read More »
No Penalty Under Section 271(1)(c) Can Be Sustained Without Specific Satisfaction Recorded In Assessment Order Issue Whether a penalty levied under Section 271(1)(c) on a Section 36(1)(va) disallowance for delayed deposit of employees’ PF contributions can be sustained if the Assessing Officer failed to record specific satisfaction for initiating penalty proceedings on that specific addition… Read More »