Profit From Sale of Depreciable Shop Premises Must Be Retained in Book Profit for Section 40(b) Partner Remuneration Issue Whether the profit earned from the sale of a depreciable business shop, credited to the Profit and Loss Account and assessable under Section 50 as short-term capital gains, can be excluded by the Assessing Officer when… Read More »
Recorded banked expenditure cannot be treated as unexplained under Section 69C merely due to vendor non-response. Issue Whether an addition under Section 69C towards unexplained expenditure can be sustained based solely on vendors’ non-response to Section 133(6) notices and their non-filer status when purchases are recorded in books, paid via banking channels, and fully documented;… Read More »
Mere Payment by Indian Resident Does Not Create Taxable Income for Non-Resident Absent Territorial Nexus Issue Whether payment by an Indian resident to a non-resident ipso facto constitutes income accruing or arising in India under Section 9, absent a territorial nexus. Whether the Authority for Advance Rulings (AAR) exceeded its jurisdiction by declining to rule… Read More »
Rental income belongs to the partnership firm and capital gains are taxable in A.Y. 2005-06. Issue Whether rental income from a constructed property in a Joint Development Agreement (JDA) can be taxed as undisclosed income in the hands of individual landowners, whether capital gains under a registered JDA executed in 2005 are chargeable in A.Y.… Read More »
Unreconciled Search-Discovered Jewellery Constitutes Undisclosed Income Attracting 10 Percent Penalty Under Section 271AAB(1)(a) Unreconciled Search-Discovered Jewellery Constitutes Undisclosed Income Attracting 10 Percent Penalty Under Section 271AAB(1)(a) Issue Whether unreconciled jewellery found during a search under Section 132 and voluntarily declared in a revised return constitutes “undisclosed income” under the Explanation to Section 271AAB. Whether penalty… Read More »
Writ Petition Challenging Delayed Intimation Dismissed for Laches; Assessee Directed to Pursue Tribunal Remedy Writ Petition Challenging Delayed Intimation Dismissed for Laches; Assessee Directed to Pursue Tribunal Remedy Issue Whether a writ petition filed after a delay of more than 5 years against an order dismissing an appeal on grounds of delay is maintainable when… Read More »
Section 148 notice valid: extended time for assessee’s reply is excluded from limitation period. Issue Whether the time or extended time granted to an assessee to respond to a show-cause notice under Section 148A(b) should be excluded when computing the limitation period for passing an order under Section 148A(d) and issuing a reassessment notice under… Read More »
Reassessment Order Passed Without Considering Uploaded Reply Violates Natural Justice Principles and Must Be Set Aside Reassessment Order Passed Without Considering Uploaded Reply Violates Natural Justice Principles and Must Be Set Aside Issue Whether passing an order under Section 148A(d) without considering the assessee’s uploaded reply, along with curtailing the response time, constitutes a violation… Read More »
TPO Cannot Unilaterally Separate and Benchmark Segmented AE Transactions at Nil Once TNMM Meets Arm’s Length Standard Issue Whether the Transfer Pricing Officer (TPO) can carve out IT support services (third-party software/licence costs) and benchmark a 5% markup separately at Nil after accepting the overall international transaction margins under the Transactional Net Margin Method (TNMM).… Read More »
Tribunal Must Reconsider Additional Evidence in Paper Book II-A Filed with Rule 29 Affidavit Issue Whether the High Court was justified in remitting the matter back to the Tribunal to fresh-consider whether Paper Book No. II-A was duly filed under Rule 29 of the Income Tax (Appellate Tribunal) Rules, 1963 and whether the documents therein… Read More »