Assessment Completed by ACIT Without Fresh Notice Under Section 143(2) Is Without Jurisdiction Issue Whether an assessment completed by an Assessing Officer (ACIT) under Section 143(3) without issuing a mandatory notice under Section 143(2) is void for lack of jurisdiction, even if a previous notice under Section 143(2) was issued by another officer (ITO). Facts… Read More »
Section 153C Reassessment Proceedings Quashed as Unsigned MoU and Post-Search Public Documents Lacked Direct Nexus Issue Whether reassessment proceedings initiated under Section 153C were valid when based on an unsigned MoU without the assessee’s name and post-search documents lacking direct nexus to the search. Facts Search Operations: A search under Section 132 was conducted on… Read More »
Reassessment Based on Re-examining Scrutinized Section 10AA Claim Amounts to Impermissible Change of Opinion Reassessment Based on Re-examining Scrutinized Section 10AA Claim Amounts to Impermissible Change of Opinion Issue Whether the Assessing Officer was justified in issuing a reassessment notice under Section 148 to revisit a Section 10AA deduction claim that was already examined, queried,… Read More »
Reassessment Notice Issued Under TOLA for AY 2015-16 Quashed as Time-Barred Following Rajeev Bansal Precedent Issue Whether reassessment proceedings initiated for Assessment Year 2015-16 under Section 148, following the deemed show-cause notice procedure pursuant to Ashish Agarwal, are time-barred and liable to be quashed under Section 149 read with TOLA in light of the Supreme… Read More »
Indian Company’s Section 80-IA Infrastructure Exemption Valid; Reopening Beyond Four Years Quashed Indian Company’s Section 80-IA Infrastructure Exemption Valid; Reopening Beyond Four Years Quashed Issue Whether reopening an assessment beyond four years under Section 147 to deny Section 80-IA deduction is legally valid when the assessee, an Indian company, fully disclosed all material facts, made… Read More »
Section 80-I Profits Are Computed Without Deducting Section 32AB Allowances for Tax Exemption Purposes Issue Whether, while computing deduction under Section 80-I of the Income-tax Act, 1961, the profits and gains of an industrial undertaking should be taken without reducing the deduction allowable under Section 32AB, in view of Section 80AB. Facts Assessment Year: The… Read More »
Reopening Based on Surmises from Sister Concern’s Survey Evidence Without Direct Proof Is Invalid Reopening Based on Surmises from Sister Concern’s Survey Evidence Without Direct Proof Is Invalid Issue Whether a completed assessment under Section 143(3) can be validly reopened under Section 148 based on presumptions and survey findings from a sister concern without any… Read More »
Automated CPC Technicality Cannot Defeat Legitimate Section 10AA Exemption Claimed with Belated Form 56F Issue Whether an automated processing centre (CPC) can deny a legitimate deduction under Section 10AA on procedural grounds when the required audit report (Form 56F) was obtained prior to filing the return but uploaded shortly thereafter, and whether the inability of… Read More »
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 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 »