Reassessment Notices Issued Beyond Three Years Without Material Proving Escapement of Fifty Lakhs or More Are Void Issue Whether a reassessment notice under Section 148 for the Assessment Year 2015-16, issued in January 2026, is legally valid under the amended provisions of Section 149 if the Revenue fails to demonstrate that the income escaping assessment… Read More »
Prior to the Finance Act 2012 Amendment, Section 115JB (MAT) Did Not Apply to Foreign Banking Companies Issue Whether the Minimum Alternate Tax (MAT) provisions under Section 115JB of the Income-tax Act, 1961 are applicable to a foreign banking company (Royal Bank of Scotland) for the Assessment Year 2011-12, given that specific statutory amendments bringing… Read More »
Deductions Under Section 80HHC Are Not Reduced by Section 80IA, and Capital-Linked Sales-Tax Remissions Are Capital Receipts Deductions Under Section 80HHC Are Not Reduced by Section 80IA, and Capital-Linked Sales-Tax Remissions Are Capital Receipts Issue Whether business profits must be reduced by deductions allowed under Section 80IA while computing the deduction under Section 80HHC of… Read More »
Input Tax Credit Cannot Be Summarily Denied To A Purchaser Solely Because The Supplier’s Registration Was Cancelled Retrospectively Post the Transaction Period Issue Whether the tax authorities are justified under Section 16 and Section 73 of the CGST/WBGST Act, 2017, in denying Input Tax Credit (ITC) and creating a tax demand against a registered purchaser… Read More »