COVID-19 limitation extension saves refund claim for tax paid under wrong head Issue Whether the refund applications filed for tax paid under the wrong head (Section 77) for the period January 2019 to March 2022 were barred by limitation, considering the exclusion of the COVID-19 period under Notification No. 13/2022-Central Tax. Facts Period Involved: January… Read More »
Supreme Court upholds refund of unutilized Compensation Cess ITC despite export on payment of IGST Issue Whether an assessee is entitled to a refund of unutilized Input Tax Credit (ITC) of Compensation Cess paid on inputs (coal), when the final goods are exported on payment of IGST (which is subsequently refunded), and the Department denies… Read More »
Reassessment against deceased valid if death not intimated; Remanded for fresh hearing Issue Jurisdiction: Whether reassessment proceedings initiated against a deceased assessee (notice issued after death) are void ab initio when the legal representatives failed to inform the Income Tax Department about the death. Natural Justice: Whether the assessment order should be set aside to… Read More »
Addition based solely on retracted disclosure deleted; Assessee held as broker based on seized ‘rukkas’ Issue Whether an addition made under Section 153A is sustainable if it relies primarily on a disclosure made during a search which was subsequently retracted, and where the seized material (documents/rukkas) indicates that the assessee acted merely as a middleman/broker… Read More »
CAD Software expenses allowed as Revenue Expenditure due to short shelf-life; 80-IC benefits restored Issue Whether expenditure incurred on the acquisition of “Premium CAD Software” constitutes Capital Expenditure (providing enduring benefit) or Revenue Expenditure (due to rapid obsolescence), and the consequential impact on the computation of eligible profits for deduction under Section 80-IC. Facts Assessment… Read More »
ITR REFUND PROCESSING ! कमाल पे कमाल हो रहा ! INCOME TAX REFUND NOT RECEIVED?
ITR REFUND NOT RECEIVED? अपने पैर पर कुल्हाड़ी न मारे ! INCOME TAX NOTICE LATEST UPDATE
Writ petition dismissed as service of notice on email ID from previous return held valid; Assessee relegated to statutory appeal Issue Whether a writ petition against an assessment order is maintainable on the ground of denial of natural justice (non-receipt of notice), when the notices were served on the email ID furnished by the assessee… Read More »
Delay in filing revised return due to COVID-19 and missed email constitutes bona fide hardship; delay condoned Issue Whether a delay of approximately 17 months in filing a revised/rectified return of income can be condoned under Section 119(2)(b) when the delay was caused by the inadvertent missing of an intimation email and the disruption caused… Read More »
CAD software expenses held as revenue due to rapid obsolescence; 80-IC computation to reflect full deduction Issue Whether expenditure incurred on the acquisition of “Premium CAD software,” which has a short useful life and requires frequent upgrades, should be treated as capital expenditure (eligible only for depreciation) or revenue expenditure (fully deductible), and the consequential… Read More »