Tag Archives: Assessing Officer

Surrender of tenancy rights is distinct from purchase, and mere agreement for unconstructed property does not attract Section 56(2)(vii)(b).

By | September 21, 2026
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Surrender of tenancy rights is distinct from purchase, and mere agreement for unconstructed property does not attract Section 56(2)(vii)(b). Surrender of tenancy rights is distinct from purchase, and mere agreement for unconstructed property does not attract Section 56(2)(vii)(b). Issue Whether the taxability under Section 56(2)(vii)(b) applies to a redevelopment arrangement involving the surrender of tenancy… Read More »

Surplus of co-operative society collected from members and timely returns are exempt from tax.

By | September 4, 2026
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Surplus of co-operative society collected from members and timely returns are exempt from tax. Issue Surplus of co-operative society collected from members and timely returns are exempt from tax. Whether surplus maintenance collections from members of a co-operative premises society are non-taxable under the doctrine of mutuality, and whether fee under Section 234F for late… Read More »

Reassessment Order Set Aside Where Show Cause Notice Cited Figures From Different Assessment Year

By | July 25, 2026
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Reassessment Order Set Aside Where Show Cause Notice Cited Figures From Different Assessment Year Reassessment Order Set Aside Where Show Cause Notice Cited Figures From Different Assessment Year Issue Validity of Reassessment Order Based on Mismatched Show Cause Notice: Whether a reassessment order passed under Section 147 read with Sections 144 and 144B can be… Read More »

Foreign remittances with a verified banking trail cannot be taxed as unexplained investments.

By | July 6, 2026
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Foreign remittances with a verified banking trail cannot be taxed as unexplained investments. Issue Whether the Assessing Officer was legally justified in treating the investment in a residential property as an unexplained investment under Section 69 of the Income-tax Act, 1961, when the assessee established a clear banking trail of foreign inward remittances from her… Read More »