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 »
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 »
Section 263 Revision Is Invalid Where Restricting Bogus Purchase Addition To 12.5% Is Plausible Issue Validity of Section 263 Revision on Plausible Disallowance Views: Whether the Principal Commissioner of Income Tax (PCIT) can invoke revision powers under Section 263 to demand a 100% addition under Section 69C (taxed under Section 115BBE) when the Assessing Officer… Read More »
Reassessment Valid as Wealth Tax Disclosures Do Not Exempt Taxpayer From Proving Income Sources Issue Validity of Reassessment under Section 147 for Unexplained Investments: Whether a notice issued under Section 148 for unexplained investment in property (including a substantial cash component) is valid when the original return was processed only under Section 143(1), even if… Read More »
Reassessment Notice Premised On Factually Incorrect Scrip Name Is Invalid And Liable To Be Quashed Reassessment Notice Premised On Factually Incorrect Scrip Name Is Invalid And Liable To Be Quashed Issue Validity of Reassessment Premised on Factually Incorrect Information: Whether a reopening notice issued under Section 148 read with Section 147 is legally sustainable when… Read More »
Cancellation of Section 12AA Registration Unsustainable When Plot Sales Retain Charitable Public Utility Character Cancellation of Section 12AA Registration Unsustainable When Plot Sales Retain Charitable Public Utility Character Issue Validity of Registration Cancellation under Section 12AA: Whether the DIT(E) was justified in cancelling the assessee’s registration under Section 12AA on the ground that it was… Read More »
Tribunal cannot rely on subsequent assessment order passed under Section 263 to justify PCIT’s revisionary jurisdiction. Issue Whether the Tribunal, while deciding a challenge to the PCIT’s invocation of revisionary jurisdiction under Section 263, erred in relying upon a subsequent assessment order passed pursuant to that very Section 263 direction. Facts Section 263 Revision: For… Read More »
Reopening under Section 148 is valid if initial information indicates income escaping tax exceeds 50 lakh rupees. Reopening under Section 148 is valid if initial information indicates income escaping tax exceeds 50 lakh rupees. Issue Whether a notice issued under Section 148 after 3 years but within 5 years is valid based on initial information… Read More »
A trust with main objects benefiting the general public qualifies as charitable under Section 12AB. Issue Whether a Section 8 company whose main objects benefit the public at large qualifies for registration under Section 12AB, even if certain incidental or ancillary objects involve welfare activities for its members. Facts The respondent-trust, incorporated as a Section… Read More »
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 »