Fair Market Value as on transfer date governs capital gains computation under Joint Development Agreements Issue Whether the Assessing Officer was justified in adopting the developer’s future construction cost as the full value of consideration for computing long-term capital gains under a Joint Development Agreement (JDA), instead of adopting the Fair Market Value (FMV) of… Read More »
Form 10 Filed in Time Validates Income Accumulation Regardless of Late Board Resolution Date Issue Whether an exemption under Section 11(2) for accumulation of income can be denied solely on the ground that the Board of Trustees passed the authorization resolution after the close of the financial year, even though Form 10 was filed within… Read More »
Penalty Under Sections 270A and 271AAD Quashed Due to Vague Notice and Invalid Assessment Order Issue Whether penalties levied under Section 270A(9) and Section 271AAD can be sustained when the show-cause notice lacked specific sub-clauses, Section 271AAD was misapplied to search-seized cash, and the underlying assessment was passed without following mandatory procedures under Section 143(3)… Read More »
Reassessment Order Quashed as Notice Issued After Three Years Lacked Approval From Specified Authority Issue Whether a reassessment notice issued under Section 148 after the expiry of three years from the end of the relevant assessment year is valid if sanctioned by the Principal Commissioner of Income Tax (Pr. CIT) instead of the specified higher… Read More »
Dismissal of Appeal Under Section 249(4)(b) Remanded to CIT(A) as No Advance Tax Was Payable on Salary Subject to TDS Issue Whether the CIT(A) was justified in dismissing the assessee’s appeal in limine under Section 249(4)(b) for non-payment of advance tax when the assessee’s sole income was salary subjected to full TDS under Section 192.… Read More »
Reassessment Under Section 148 Is Invalid Post Section 132A Requisition When Section 153A Limitation Expires Issue Whether, in a case where cash is requisitioned under Section 132A, the Assessing Officer can initiate reassessment proceedings under Section 148 read with Section 148A after failing to initiate search assessment proceedings under Section 153A within the prescribed limitation… Read More »
Reassessment Order Issued Beyond Three Years Without Higher Authority Approval Under Section 151 Is Void Issue Whether the time allowed to an assessee under Section 148A(b) can be excluded while computing the three-year limitation period under Section 151. Whether a reassessment notice under Section 148 issued beyond three years with approval from the PCIT instead… Read More »