CBDT Circular 13/2023 Overrides Circular 9/2015 to Condone Delay in Cooperative Society’s Section 80P Return Filing

By | September 19, 2026
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CBDT Circular 13/2023 Overrides Circular 9/2015 to Condone Delay in Cooperative Society’s Section 80P Return Filing Issue Whether CBDT Circular No. 13/2023, specifically dealing with condonation of delay in filing ITRs for cooperative societies claiming Section 80P deductions, overrides CBDT Circular No. 09/2015. Whether the CCIT was justified in rejecting the assessee’s application for condonation… Read More »

Reassessment under Section 148 is invalid when incriminating search material requires invocation of Section 153C.

By | September 19, 2026
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Reassessment under Section 148 is invalid when incriminating search material requires invocation of Section 153C. Issue Whether an assessment can be reopened under Section 148 on the basis of incriminating material seized during a search conducted on a third party prior to March 31, 2021, instead of resorting to Section 153C. Facts The assessee filed… Read More »

Non-Speaking Tribunal Order with Procedural Irregularities Quashed and Remanded for Fresh Adjudication

By | September 19, 2026
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Non-Speaking Tribunal Order with Procedural Irregularities Quashed and Remanded for Fresh Adjudication Issue Whether a common order of the Tribunal vitiated by complete non-application of mind, total absence of reasoning, and serious procedural irregularities (including conflicting hearing and pronouncement dates) is liable to be quashed and remanded for fresh adjudication. Facts Section 153C Proceedings: The… Read More »

Stamp Duty Value Increase Post Land Conversion Paid by Buyer Cannot Trigger Section 56(2)(x) Addition

By | September 19, 2026
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Stamp Duty Value Increase Post Land Conversion Paid by Buyer Cannot Trigger Section 56(2)(x) Addition Issue Whether an addition under Section 56(2)(x) based on stamp duty valuation is justified when the higher stamp duty value resulted from land conversion funded entirely by the buyer and the underlying agreement was executed prior to the insertion of… Read More »

TPO Cannot Unilaterally Separate and Benchmark Segmented AE Transactions at Nil Once TNMM Meets Arm’s Length Standard

By | September 19, 2026
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TPO Cannot Unilaterally Separate and Benchmark Segmented AE Transactions at Nil Once TNMM Meets Arm’s Length Standard Issue Whether the Transfer Pricing Officer (TPO) can carve out IT support services (third-party software/licence costs) and benchmark a 5% markup separately at Nil after accepting the overall international transaction margins under the Transactional Net Margin Method (TNMM).… Read More »

Section 14A disallowance applies only to exempt-income-yielding investments, and duplicate additions are impermissible.

By | September 19, 2026
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Section 14A disallowance applies only to exempt-income-yielding investments, and duplicate additions are impermissible. Section 14A disallowance applies only to exempt-income-yielding investments, and duplicate additions are impermissible. Issue Whether disallowance under Section 14A read with Rule 8D is to be computed considering only investments that yielded exempt income during the year. Whether an addition made under… Read More »

High Court-approved capital reduction cannot be recharacterised as a buy-back under Section 115QA.

By | September 19, 2026
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High Court-approved capital reduction cannot be recharacterised as a buy-back under Section 115QA. Issues Whether tax authorities can recharacterise a High Court-approved capital reduction under Sections 100 to 104 of the Companies Act, 1956 as a share buy-back under Section 115QA of the Income-tax Act, 1961. Whether interest paid on capital borrowed and utilized for… Read More »