Tag Archives: Assistant Commissioner of Income-tax

Section 148 Reassessment Notice Issued Beyond Ten-Year Block Period Calculated From Search Date Is Time-Barred

By | July 25, 2026
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Section 148 Reassessment Notice Issued Beyond Ten-Year Block Period Calculated From Search Date Is Time-Barred Section 148 Reassessment Notice Issued Beyond Ten-Year Block Period Calculated From Search Date Is Time-Barred Issue Computation of Ten-Year Block Period under Section 153A/153C: Whether the assessment year relevant to the previous year in which the search was conducted is… Read More »

Agricultural Land Within Statutory Distance of Tambaram Municipality Constitutes Capital Asset, On-Money Restricted to Admitted Cash, and 70% Indexed Cost Allowed

By | July 25, 2026
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Agricultural Land Within Statutory Distance of Tambaram Municipality Constitutes Capital Asset, On-Money Restricted to Admitted Cash, and 70% Indexed Cost Allowed Issue Capital Asset Determination: Whether land located within 4.45 km of Tambaram Municipality (population exceeding 1.65 lakh) qualifies as a capital asset under Section 2(14)(iii)(b), making the gains arising from its sale taxable under… Read More »

Section 148 Reassessment Notice for AY 2015-16 Quashed as Barred by Ten-Year Limitation Period

By | July 23, 2026
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Section 148 Reassessment Notice for AY 2015-16 Quashed as Barred by Ten-Year Limitation Period Issue Whether the assessment year relevant to the previous year in which a search is conducted must be included when reckoning the extended ten-year limitation period under Section 149 read with Explanation 1 to Section 153A/153C, rendering a Section 148 notice… Read More »

Assessment Order Passed Within Extended Statutory Limit Is Valid as Draft Order and Hearing Procedures Were Complied With

By | July 23, 2026
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Assessment Order Passed Within Extended Statutory Limit Is Valid as Draft Order and Hearing Procedures Were Complied With Assessment Order Passed Within Extended Statutory Limit Is Valid as Draft Order and Hearing Procedures Were Complied With Issue Whether the assessment order for AY 2020-21 passed on 28.09.2022 was time-barred, and whether the non-issuance of a… Read More »

Unrecorded Sales Gross Profit Estimate Deleted As Assessing Officer Failed To Formally Reject Books

By | July 18, 2026
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Unrecorded Sales Gross Profit Estimate Deleted As Assessing Officer Failed To Formally Reject Books Unrecorded Sales Gross Profit Estimate Deleted As Assessing Officer Failed To Formally Reject Books Issue Whether the Assessing Officer can legally estimate a firm’s gross profit on unrecorded sales without formally rejecting its books of account under section 145(3) or invoking… Read More »

Reassessment notice issued on or after April 1, 2021 for AY 2015-16 is time-barred and quashed.

By | July 17, 2026
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Reassessment notice issued on or after April 1, 2021 for AY 2015-16 is time-barred and quashed. Issue Whether an income escaping assessment notice issued under Section 148 on or after April 1, 2021, relating to Assessment Year 2015-16, is barred by limitation and liable to be set aside. Facts The Assessee filed a writ petition… Read More »

Section 148 notice issued by a Jurisdictional Assessing Officer instead of the NFAC is legally invalid.

By | July 17, 2026
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Section 148 notice issued by a Jurisdictional Assessing Officer instead of the NFAC is legally invalid. Issue Whether a notice issued under Section 148 by a Jurisdictional Assessing Officer (JAO), instead of the National Faceless Assessment Centre (NFAC) as mandated by the CBDT Notification dated 29-3-2022, is valid and sustainable in law. Facts The Assessee… Read More »

Reassessment is validly initiated under Section 143(1), but interest on earmarked funds reduces pre-operative expenses.

By | July 17, 2026
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Reassessment is validly initiated under Section 143(1), but interest on earmarked funds reduces pre-operative expenses. Issue Whether the Assessing Officer can validly reopen an assessment under Section 147 when the original return was only processed under Section 143(1) and no formal scrutiny assessment order was passed. Whether the Income Tax Appellate Tribunal has the jurisdiction… Read More »

Suppressed Sale Consideration Must Be Taxed As Capital Gains, Not As Unexplained Money.

By | July 17, 2026
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Suppressed Sale Consideration Must Be Taxed As Capital Gains, Not As Unexplained Money. Issue Whether an undisclosed receipt toward a property sale, found during a third-party search, must be taxed as part of the full value of consideration under Capital Gains in the year of transfer, or if it can be treated as unexplained money… Read More »

Policy servicing fees to aggregators are allowable deductions, and Section 14A disallowance is inapplicable to insurance businesses.

By | July 17, 2026
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Policy servicing fees to aggregators are allowable deductions, and Section 14A disallowance is inapplicable to insurance businesses. Issue Whether payments made by a general insurance company to aggregators/intermediaries for policy servicing and support activities can be disallowed under Explanation 1 to Section 37(1) as an expense prohibited by law, in the absence of any penal… Read More »