Land Classified as Industrial and Not Used for Agriculture Is a Taxable Capital Asset Ineligible for Section 54B Deduction Land Classified as Industrial and Not Used for Agriculture Is a Taxable Capital Asset Ineligible for Section 54B Deduction Issue Whether an assessee is entitled to claim exemption from capital gains tax by classifying land as… Read More »
Tribunal Remands GST Refund Mismatch Issue for Fresh Assessment and Deletes Trade Payable Addition Issue Whether additional evidence regarding GST refund mismatch justifies remanding the Section 143(1) loss adjustment for de novo adjudication, and whether trade payable additions under Section 68 can survive when reconciliations are provided without contrary evidence from Revenue. Facts Return &… Read More »
Recurring digital marketing and routine IT service expenses are revenue expenditure, fully deductible under Section 37(1). Issue Whether routine expenses incurred on digital sales promotion (SEO, content generation, media management) and user-experience IT services (search optimization and auto-correct functions) constitute capital expenditure or allowable revenue expenditure under Section 37(1). Facts The assessee-company distributes financial service… Read More »
Compensation Received by BSNL Employees Under Voluntary Retirement Scheme 2019 Is Exempt Under Section 10(10B) Issue Whether compensation received by BSNL employees under the BSNL Voluntary Retirement Scheme, 2019 qualifies as retrenchment compensation and is exempt from income tax under Section 10(10B) of the Income-tax Act, 1961. Facts The assessees were employees of Bharat Sanchar… Read More »
Ex-Parte Order Set Aside and Disputed Issue Remitted to CIT(A) for Fresh Adjudication After Hearing Issue Whether the ex-parte order passed by the CIT(A) confirming the assessment addition under Section 147 read with Section 144 should be set aside and remitted back to the CIT(A) to provide the assessee one more opportunity of hearing to… Read More »
Ex-Parte Assessment Remanded to Provide Assessee Fresh Opportunity of Hearing Under Principles of Natural Justice Ex-Parte Assessment Remanded to Provide Assessee Fresh Opportunity of Hearing Under Principles of Natural Justice Issue Whether an ex-parte assessment order under Section 144 and penalty under Section 271(1)(c) should be set aside and remanded for fresh adjudication when the… Read More »
Unexplained Investment Additions Based on Dumb Search Documents and Insight Portal Summaries Are Invalid Issue Whether an addition under Section 69 for alleged cash “on-money” payment is sustainable when based on a dumb document from a third-party search that mentions neither the assessee’s name nor any explicit cash receipt. Whether a reassessment notice issued under… Read More »
Capital gains do not accrue under JDA until encumbrances are cleared and possession is handed over. Issue Whether entering into a registered Joint Development Agreement (JDA) constitutes a “transfer” under Section 2(47) read with Section 45 in Assessment Year 2016-17, when the agreement explicitly conditions the transfer of possession on the removal of encumbrances which… Read More »
Development agreement without transfer of possession does not trigger capital gains tax. Issue Whether entering into a Development Agreement without handing over possession under Section 53A of the Transfer of Property Act or evidencing a transfer under Section 2(47)(vi) constitutes a “transfer” under Section 2(47) read with Section 45, attracting long-term capital gains tax in… Read More »
Interest under Section 28 of Land Acquisition Act Forms Part of Compensation, Not Taxable under Income from Other Sources Issue Whether interest received on enhanced compensation under Section 28 of the Land Acquisition Act, 1894 is taxable as ‘Income from Other Sources’ under Section 56(2)(viii) or forms part of the compensation itself. Facts Compulsory Acquisition:… Read More »