Reassessment notice issued on 31.08.2024 for AY 2016-17 is time-barred and quashed. Issue Whether a reassessment notice issued under Section 148 on 31.08.2024 for Assessment Year 2016-17 is barred by limitation when the six-year statutory period expired on 31.03.2023. Whether the order passed under Section 148A(d) and the consequential notice issued under Section 148 are… Read More »
SLP disposed of directing Assessing Officer to decide objections following Union of India v. Rajeev Bansal. Issue Whether an SLP filed against a High Court judgment quashing Section 148 notices and Section 148A(d) orders should be disposed of in terms of the Supreme Court judgment in Union of India v. Rajeev Bansal. Whether Assessing Officers… Read More »
Purchasing shares pre-bonus and selling post-bonus generating short-term capital loss is not an impermissible avoidance arrangement under GAAR. Issue Whether purchasing shares of listed companies prior to bonus declaration and selling them post-allotment to generate a short-term capital loss constitutes an “arrangement” under Section 102 or an “impermissible avoidance arrangement” under Section 96(1) attracting General… Read More »
Contraceptives do not fall under Eleventh Schedule; Section 80-IB deduction allowed maintaining historical consistency. Issue Whether contraceptives manufactured by the assessee fall within the list of non-priority articles specified in Serial Nos. 27 and 28 of the Eleventh Schedule, thereby disentitling the assessee from claiming deduction under Section 80-IB. Whether the Assessing Officer was justified… Read More »
Recovery Notice Under Section 226(4) Valid as Statutory Modes of Recovery Exist Independently of Section 281B Provisional Attachment Issue Whether recovery proceedings initiated by the Income Tax Department under Section 226 (including Section 226(4)) for recovering outstanding tax dues are dependent on or constrained by provisional attachment orders issued under Section 281B or search proceedings… Read More »
Rectified Defective Return Relates Back To Original Filing Date, Making Delayed Section 143(2) Notice Time-Barred Issue Whether rectifying a defective return under Section 139(9) extends the limitation period for issuing a notice under Section 143(2), or if limitation must be calculated from the original filing date, rendering a delayed notice time-barred and the assessment invalid.… Read More »
High Court Refuses Section 260A Review as Gold Bar Value Addition Pertains Purely to Facts Issue Whether a substantial question of law arises under Section 260A of the Income-tax Act, 1961 against the Tribunal’s order upholding the Section 69A addition for unexplained gold bars found in the assessee’s locker. Facts Locker Search & Discovery: The… Read More »
SLP Dismissed As Reassessment Notice Based On Mere Change Of Opinion Devoid Of New Material Issue Whether the Supreme Court should interfere with the High Court’s order quashing Section 148 notice and Section 148A(d) order when reassessment was initiated on issues already examined during original assessment under Section 143(3). Facts Original Return and Scrutiny: The… Read More »
Assessee Cannot Challenge Jurisdiction Transfer under Section 127 After Consenting and Participating in Central Circle Assessments Issue Whether transfer orders passed under Section 127 and consequential assessment orders under Sections 153A, 153C, and 144 can be challenged on technical grounds of non-service or procedural lapses when the assessee had consented to centralization and actively participated… Read More »
Mere Acknowledgment of Unpaid Trade Liabilities in Books Does Not Constitute Remission or Cessation under Section 41(1) Issue Whether trade payables remaining unchanged for over two years can be treated as income due to remission or cessation of liability under Section 41(1) of the Income-tax Act, 1961, when the assessee continues to show them as… Read More »