Estimation Of Profit From Unrecorded Sales Is Impermissible Without Explicitly Rejecting Books Of Account Issue Whether the Assessing Officer can legally estimate an addition based on a gross profit rate applied to alleged unrecorded sales found during a survey, without formally rejecting the assessee’s books of account under Section 145(3) or invoking Section 144. Facts… Read More »
Purely Equity Debentures Excluded From MAT Transition Amount And Rule EightD Disallowance Set Aside For Want Of Satisfaction Issue Whether fully convertible debentures (ZOFCDs/FCDs) holding purely equity components without any liability element can be classified as Compound Financial Instruments (CFIs) or “Other Equity” to trigger a book profit increase via the MAT transition amount under… Read More »
Tax Recovered In Violation Of Judicial Stay Ordered To Be Refunded Exceeding Twenty Percent PreDeposit Issue Whether an order passed on a stay/waiver application under Section 220 should be quashed and the illegally recovered demand refunded when the Revenue aggressively appropriated the entire disputed tax amount despite a subsisting High Court interim stay order. Facts… Read More »
Passing Assessment Order Without Providing Reasonable Opportunity Violates Principles Of Natural Justice Passing Assessment Order Without Providing Reasonable Opportunity Violates Principles Of Natural Justice Issue Whether a best judgment assessment order passed under Section 144 read with Section 144B is legally sustainable when the Revenue provides inadequate response windows, ignores an adjournment request, and gives… Read More »
Hiring Receipts Of Trust Treated As Commercial Business Income Whereas Incidental Expenditures Allowed As Application Hiring Receipts Of Trust Treated As Commercial Business Income Whereas Incidental Expenditures Allowed As Application Issue Whether the receipts earned by a charitable trust from hiring out its conference and auditorium facilities along with other amenities constitute commercial business income… Read More »
Supreme Court Remands Reassessment Cases To High Courts For Assessment Year Verification Issue Whether reassessment notices segregated from a larger batch of appeals must be struck down outright if they pertain to the Assessment Year (AY) 2015-16 pursuant to the Revenue’s concession in Union of India v. Rajeev Bansal, or whether they should be remitted… Read More »
DGCEI is a Law Enforcement Agency, Exempting Departmental Appeals From CBDT Monetary Limits Issue Whether the Directorate General of Central Excise Intelligence (DGCEI) qualifies as a “law enforcement agency” under paragraph 10(e) of the CBDT Circular dated 11.07.2018 (read with Circular dated 20.08.2018), thereby exempting the Revenue’s appeal from the standard Rs. 50 lakhs low… Read More »
INCOME TAX CASE LAW 15.06.2026 INCOME TAX CASE LAW 15.06.2026 Relevant Act Section Case Law Title Citation Brief Summary Income-tax Act, 1961 Section 10(23FBA) Deputy Commissioner of Income-tax v. Sundaram Alternative Opp Series High Yield Secured Debt fund Click Here Processing fees on NCD investments are intrinsically linked to investment risks and overall yield. They… Read More »
An Intimation Under Section 143(1) Does Not Merge Into a Section 143(3) Scrutiny Order, and Adjustments Must Be Appealed Separately Issue Whether adjustments made in an intimation under Section 143(1) merge into a subsequent scrutiny assessment order passed under Section 143(3) (which merely adopted the 143(1) figures without independent modifications), thereby allowing the assessee to… Read More »
Reassessment Notices Issued Beyond the Recomputed Supreme Court Timeline and TOLA Extensions Are Time-Barred and Invalid Issue Whether the reassessment order passed under Section 148A(d) and the subsequent notice issued under Section 148 on July 29, 2022, for Assessment Year 2014-15, are legally sustainable or invalid as being barred by the law of limitation. Facts… Read More »