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 »
Tribunal Cannot Dismiss Appeal On Merits Solely For Authorised Representative’s Improper Dress Code Issue Whether the Income Tax Appellate Tribunal (ITAT) can dismiss an assessee’s appeal on merits during a virtual hearing solely because the Authorised Representative was not dressed in proper attire as prescribed by the Virtual Hearing Standard Operating Procedure (SOP). Facts Virtual… Read More »
Section 14A Disallowance Applies Only to Yielding Investments, Non-Company CSR Allowed, Deficit Pension Contribution Fully Deductible, and Genuine Expenses Valid Section 14A Disallowance Applies Only to Yielding Investments, Non-Company CSR Allowed, Deficit Pension Contribution Fully Deductible, and Genuine Expenses Valid Issue Section 14A Portfolio Scope: Whether Section 14A read with Rule 8D disallowance must be… Read More »
Section 80-IA Deduction Capped at Gross Total Income, PF Interest Allowable, and Section 14A Inapplicable Without Exempt Income Issue Section 80-IA Capping: Whether deduction under Section 80-IA can be set off against the Gross Total Income (including Capital Gains) up to the limit prescribed under Section 80A(2), or if it must be restricted solely to… Read More »
CIT(E) Cannot Invalidate Existing Section 12AB Registration Or Reject Renewal Without Granting Natural Justice CIT(E) Cannot Invalidate Existing Section 12AB Registration Or Reject Renewal Without Granting Natural Justice Issue Whether the Commissioner of Income Tax (Exemption) [CIT(E)], while processing a renewal application in Form No. 10AB, has the jurisdiction to declare an existing Section 12AB… Read More »
Rejection of Section 12AB Renewal Solely Due to FCRA Non-Renewal Without Independent Satisfaction Warrants Remand Issue Whether the Commissioner of Income Tax (Exemption) [CIT(E)] can reject a charitable trust’s application for renewal of registration under Section 12AB solely on the ground that its Foreign Contribution (Regulation) Act (FCRA) registration renewal was rejected, without recording independent… Read More »