Tag Archives: IN THE ITAT AMRITSAR BENCH

Compensation for land compulsorily acquired under RFCTLARR Act is exempt; interest on compensation remains taxable. Issue Whether compensation received on compulsory acquisition of land for national highway widening is exempt from income tax under Section 96 of the RFCTLARR Act, 2013, read with CBDT Circular No. 36/2016. Whether interest received on delayed payment of enhanced… Read More »

Reassessment Notice Issued Beyond Three Years for Alleged Escaped Income Below Fifty Lakhs Is Time-Barred Reassessment Notice Issued Beyond Three Years for Alleged Escaped Income Below Fifty Lakhs Is Time-Barred Issue Whether reassessment proceedings initiated under Section 148 regarding bogus political party donations are valid when the notice is issued after the three-year limitation period… Read More »

Reassessment notice issued beyond three years with PCIT approval instead of specified higher authority is invalid. Issue Whether a reassessment notice issued under Section 148 after three years from the end of Assessment Year 2016-17 with the approval of the Principal Commissioner of Income-tax (PCIT) instead of the higher specified authority under Section 151(ii) is… Read More »

Unexplained cash deposit addition under Section 69A restricted to Rs. 13.10 lakhs based on cash flow verification. Issue Whether cash deposits aggregating to Rs. 25.71 lakhs in the HDFC Bank account of the assessee during the period 17-05-2016 to 06-08-2016 are treatable as unexplained money under Section 69A, or if the addition should be restricted… Read More »

Reassessment Notice Validity and Jurisdiction Disputes Must Be Remanded to Assessing Officer for Verification Reassessment Notice Validity and Jurisdiction Disputes Must Be Remanded to Assessing Officer for Verification Issue Whether valid service of a Section 148 notice (by affixation under the Code of Civil Procedure) and the correct jurisdiction of the issuing Assessing Officer are… Read More »