Revision Under Section 263 Invalid as Assessing Officer Adopted Possible View Granting Assessee’s Loss Claim Issue Whether the PCIT can exercise revisionary jurisdiction under Section 263 to set aside a completed assessment for fresh inquiry when the Assessing Officer has already taken a plausible view allowing a business loss claim supported by ITAT precedent. Facts… Read More »
Ex-gratia under BSNL Voluntary Retirement Scheme is capital receipt exempt as retrenchment compensation under Section 10(10B). Issue Whether ex-gratia compensation received by BSNL employees under the BSNL Voluntary Retirement Scheme, 2019 constitutes retrenchment compensation under Section 10(10B) and is fully exempt from tax as a capital receipt, rather than being restricted to the Rs. 5… Read More »
No Addition Allowed Under Section 50C as DVO Valuation Difference Was Under Tolerance Limits Issue Whether the addition made under Section 50C based on the Departmental Valuation Officer (DVO)’s valuation is sustainable when the difference between the actual sale consideration and the DVO’s valuation is less than 15%, and whether the CIT(A) erred in adopting… Read More »
A long-term lease within a family partnership firm does not constitute a capital asset transfer. A long-term lease within a family partnership firm does not constitute a capital asset transfer. Issue Whether a long-term lease of agricultural land executed by a co-owner in favor of a registered family partnership firm constitutes a “transfer” of a… Read More »
A bona fide claim on a complex, nascent legal issue like POEM does not justify a penalty for misreporting. Issue Whether a penalty for “misreporting of income” under Section 270A(9)(a) can be mechanically levied at 200% when an assessee makes a bona fide, legally plausible claim in a revised return based on a complex and… Read More »