Reopening Notice Based on Predated Third-Party Seized Entries Lacking Live Nexus to Assessee Is Unjustified Issue Whether a reopening notice under section 148 for alleged unexplained on-money investment under section 69 is legally sustainable when based solely on third-party seized records that lack a live nexus to the assessee. Facts Property Acquisition: The assessee, along… Read More »
Remittances from Non-Resident Relatives into Undisputed NRE Accounts via Banking Channels Cannot Be Taxed as Unexplained Investments Issue Whether additions made under Sections 68 and 69 towards mutual fund investments sourced from overseas remittances by non-resident relatives into an undisputed NRE account via normal banking channels are sustainable in law. Facts Assessment Year: AY 2006-07.… Read More »
Reopening assessment on interest from co-operative banks constitutes impermissible change of opinion and is unsustainable. Issue Whether reopening an assessment under Section 148 based on the same material examined during scrutiny to disallow Section 80P(2)(d) deduction constitutes an invalid change of opinion. Whether interest income earned by a co-operative society from investments in co-operative banks… Read More »
Reopening under Section 148 is invalid when premised on change of opinion without new tangible material Reopening under Section 148 is invalid when premised on change of opinion without new tangible material Issue Whether an assessment reopening under Section 148 of the Income-tax Act, 1961 (Section 280 / Section 102 of the Income-tax Act, 2025)… Read More »
Reopening under Section 148 is invalid if based on incorrect facts and non-existent transaction figures Reopening under Section 148 is invalid if based on incorrect facts and non-existent transaction figures Issue Whether an assessment reopening under Section 148 of the Income-tax Act, 1961 (Section 280 / Section 102 of the Income-tax Act, 2025) is legally… Read More »
Reassessment Notice Based on Unrelated Third-Party Broker Register Without Live Nexus Is Invalid Reassessment Notice Based on Unrelated Third-Party Broker Register Without Live Nexus Is Invalid Issue Whether a reassessment notice under Section 148, alleging unrecorded “on-money” payments on a land purchase, can be sustained when it relies solely on a third-party broker’s market survey… Read More »
Reassessment based on previously examined bank records without new tangible material constitutes impermissible change of opinion. Issue Whether an assessment completed under Section 143(3) can be reopened under Section 147 to examine bank credits and gross receipts that were already scrutinized, in the absence of any new tangible material. Facts Assessee’s return for AY 2012-13… Read More »
GST On Corporate Guarantees Valid As Supply But Rule 28 Mandatory Benchmark “Whichever Is Higher” Read Down Issue Whether executing a corporate guarantee without consideration for a subsidiary constitutes a taxable “supply of service” under Section 7 and Schedule I/II of the CGST Act. Whether the mandatory 1% valuation benchmark and the term “whichever is… Read More »
Reopening Assessment Without New Tangible Material Amounts To Invalid Change Of Opinion Reopening Assessment Without New Tangible Material Amounts To Invalid Change Of Opinion Issue Whether reopening an assessment under Section 147 based on an Investigation Wing report is legally sustainable when no new tangible material was discovered and the original assessment under Section 143(3)… Read More »
Registration Under Section 12AA Cannot Be Denied Solely For Want Of Registration With Charity Commissioner Registration Under Section 12AA Cannot Be Denied Solely For Want Of Registration With Charity Commissioner Issue Whether the Commissioner (Exemptions) can reject an application for registration under Section 12AA solely on the ground that the applicant-trust is not registered with… Read More »