Reassessment Notice Issued Beyond Statutory Limitation Under First Proviso to Section 149 Is Time-Barred Issue Whether a reassessment notice issued under Section 148 on July 30, 2022 for Assessment Year 2015-16 is barred by limitation under the first proviso to Section 149, rendering the subsequent reassessment order legally unsustainable. Facts Original Return & Scrutiny: The… Read More »
Reassessment Notice Passed After Three Years Without PCCIT/CCIT Approval Under Section 151 Held Invalid Issue Whether an order under Section 148A(d) and a consequential reassessment notice under Section 148 issued after the expiry of three years from the end of the relevant assessment year are valid when sanctioned by a PCIT instead of the specified… Read More »
Capital Gains Exempt Under Section 54G Must Be Excluded When Computing MAT Book Profit Issue Whether an assessee, whose entitlement to capital gains exemption under Section 54G is accepted under normal provisions, can claim exclusion of such capital gains while computing book profit under Section 115JB, even if omitted in the original return. Facts Property… Read More »
Rectified Defective Return Relates Back To Original Filing Date, Making Delayed Section 143(2) Notice Time-Barred Issue Whether rectifying a defective return under Section 139(9) extends the limitation period for issuing a notice under Section 143(2), or if limitation must be calculated from the original filing date, rendering a delayed notice time-barred and the assessment invalid.… Read More »
Stamp Duty Value as on Agreement Date Controls Section 43CA Consideration when Advance Received via Banking Channel Issue Whether the stamp duty value as on the date of agreement for sale or the date of registration of sale deed should be adopted as full value of consideration under Section 43CA where consideration/advance was received through… Read More »
Tribunal Order Recalled for Limited Rectification Under Section 254(2) Due to Non-Adjudication of Ground Issue Whether the non-adjudication of a specific ground of appeal raised by the assessee constitutes a mistake apparent from the record under Section 254(2), warranting the recall of the Tribunal’s order for limited re-hearing. Facts Appeal & Ground Raised: The assessee… Read More »
Rejection of Form 10AB registration without examining submitted activity details is unsustainable; matter remanded for re-adjudication. Rejection of Form 10AB registration without examining submitted activity details is unsustainable; matter remanded for re-adjudication. Issue Whether CIT (Exemption) can reject an application for regular registration under Section 12AB on grounds of low spending and non-commencement of main… Read More »
Reassessment Based on Change of Opinion is Impermissible and Section 201 Proceedings Do Not Bar Section 147 Action Issue Whether reopening an assessment on foreign remittances after considering details in original scrutiny constitutes an impermissible change of opinion, and whether pending Section 201 proceedings bar reassessment under Section 147. Facts The assessee-company, engaged in contract… Read More »
ESOP Expenditure and Out-of-Court Settlement Compensation for Right to Sue Are Allowable Business Deductions Issue Whether ESOP expenditure reimbursable to a foreign holding company is allowable under Section 37(1) during the vesting period, even if options are exercised subsequently. Whether disallowance under Section 40(a)(ia) can be sustained for non-deduction of TDS on out-of-court settlement compensation… Read More »
Commissioner (Appeals) Powers Coterminous with AO; Matter Remanded for De Novo Adjudication of Purchase Discrepancies Commissioner (Appeals) Powers Coterminous with AO; Matter Remanded for De Novo Adjudication of Purchase Discrepancies Issue Whether the Commissioner (Appeals) erred in rejecting fresh evidence produced by the assessee regarding discrepancies in purchases and TDS without exercising coterminous powers, justifying… Read More »