TDS Credit Omitted in Original Return Must Be Granted on Rectification if Reflected in Form 26AS Issue Whether an assessee who omitted to claim credit for tax deducted at source (TDS) in the original return filed under Section 139(1) can claim the TDS credit via a rectification application under Section 154, when the TDS is… Read More »
Continuous TDS Deductions and Signed Balance Confirmations Extend Limitation Period, Rejection of Plaint Dismissed Issue Whether a recovery suit for an undocumented loan advanced in 2008 can be rejected at the threshold under Order VII Rule 11(d) of the CPC as barred by limitation, where the borrower issued signed balance confirmations and continuously deducted and… Read More »
LLP Required to Audit Accounts Under LLP Act Gets Section 139 Extended Due Date to Carry Forward Loss Issue Whether an LLP whose accounts are mandatorily required to be audited under the Limited Liability Partnership Act, 2008 read with Rule 24(8) of the LLP Rules is entitled to the extended due date (September 30) under… Read More »
Tax Demands Unclaimed in Approved Resolution Plan Stand Extinguished and Reassessment Order Becomes Non-Operational Tax Demands Unclaimed in Approved Resolution Plan Stand Extinguished and Reassessment Order Becomes Non-Operational Issue Whether tax reassessment proceedings initiated under Section 147 and consequential tax demands raised under Section 68 read with Section 115BBE for a period prior to the… Read More »
Reassessment Order Passed Without Pecuniary Jurisdiction as per CBDT Instructions is Legally Unsustainable and Void Issue Whether a reassessment order passed by an ITO is legally valid when the returned income exceeds the pecuniary jurisdiction limit specified under CBDT Instruction No. 01/2011. Whether the deletion of a Section 68 cash credit addition by the CIT(A)… Read More »
Failure to Issue Section 143 Notice and Unsubstantiated Section 68 Addition Invalidates Reassessment Order Issue Whether a reassessment completed under Section 147 without issuing a mandatory notice under Section 143(2), after the assessee filed a return in response to a Section 148 notice, is bad in law and liable to be quashed ab initio. Whether… Read More »
Reassessment Initiated on Previously Examined Share Sales Amounts to Impermissible Change of Opinion and Must Be Quashed Reassessment Initiated on Previously Examined Share Sales Amounts to Impermissible Change of Opinion and Must Be Quashed Issue Whether reopening an assessment under Section 148 is legally sustainable when the Assessing Officer re-evaluates the same share purchase and… Read More »
Penalties Paid to Stock Exchanges and Penalty on Health and Education Cess Claimed Pre-Retrospective Amendment Deleted Issue Whether payments made to stock exchanges for operational lapses (e.g., bad delivery, short delivery, client code modification) are allowable business expenditures under Section 37(1) or hit by Explanation 1 as penalties for violation of law. Whether penalty under… Read More »
Delay in DSIR Approval Cannot Bar Section 35(1)(iv) Capital Expenditure Deduction for R&D Building Issue Whether an assessee engaged in manufacturing resins is entitled to claim deduction under Section 35(1)(iv) read with Section 35(2) of the Income-tax Act, 1961 for capital expenditure incurred on the construction of an R&D building, where the Assessing Officer disallowed… Read More »
Delay of 22 Days in Filing Form 10B Does Not Bar Section 11 Exemption if Report is Available Before Processing Issue Whether an assessee registered as a charitable trust/section 8 company can be denied exemption under Section 11 of the Income-tax Act, 1961 due to a 22-day delay in submitting Form 10B prior to the… Read More »