Tag Archives: Income tax Officer

Reassessment under Section 150(1) is invalid without specific Tribunal directions and if independently time-barred.

By | July 16, 2026
0 Comment

Reassessment under Section 150(1) is invalid without specific Tribunal directions and if independently time-barred. Issue Whether the Assessing Officer can validly invoke Section 150(1) to reopen a time-barred assessment for AY 2008-09 based on a Tribunal order from a preceding year that merely quashed a reassessment without giving explicit findings or directions, and whether such… Read More »

Procedural technicalities cannot override the determination of correct taxable income when a return contains genuine, inadvertent errors.

By | July 16, 2026
0 Comment

Procedural technicalities cannot override the determination of correct taxable income when a return contains genuine, inadvertent errors. Procedural technicalities cannot override the determination of correct taxable income when a return contains genuine, inadvertent errors. Issue Whether the delay in filing an appeal should be condoned and the matter remanded to the Assessing Officer for a… Read More »

Cash deposits previously taxed or covered by amnesty schemes cannot be subjected to double taxation.

By | July 16, 2026
0 Comment

Cash deposits previously taxed or covered by amnesty schemes cannot be subjected to double taxation. Issue Whether cash deposits can be taxed as unexplained money under Section 69A in a subsequent year if a portion of the amount has already been taxed in a preceding assessment year or declared under an amnesty scheme. Whether the… Read More »

Surrendering tenancy rights for a larger redeveloped flat constitutes capital gains qualifying for Section 54F exemption.

By | July 16, 2026
0 Comment

Surrendering tenancy rights for a larger redeveloped flat constitutes capital gains qualifying for Section 54F exemption. Issue Whether the receipt of a larger flat as permanent alternate accommodation under a redevelopment arrangement in lieu of surrendering tenancy rights constitutes property received for inadequate consideration taxable under section 56(2)(x), or a transfer of a capital asset… Read More »

Investment in a new house jointly with a wife qualifies for full Section 54 deduction.

By | July 16, 2026
0 Comment

Investment in a new house jointly with a wife qualifies for full Section 54 deduction. Issue Whether an individual assessee can claim a tax deduction under Section 54 on the entire investment made in a new residential property when the property is purchased jointly in the names of the assessee and his wife. Facts The… Read More »

Insurance compensation adjusted against business loss cannot be separately taxed, and consequential concealment penalty fails.

By | July 16, 2026
0 Comment

Insurance compensation adjusted against business loss cannot be separately taxed, and consequential concealment penalty fails. Issue Whether insurance compensation received for fire damage to commercial stock and interiors, already adjusted against the actual loss in the books, can be separately taxed under section 45(1A) or section 28. Whether a penalty levied for concealment of income… Read More »

Employer Is Assessee In Default For Not Deducting TDS On LFC Involving Foreign Travel

By | July 15, 2026
0 Comment

Employer Is Assessee In Default For Not Deducting TDS On LFC Involving Foreign Travel Issue Whether an employer can be treated as an “assessee in default” under Section 201 for failing to deduct tax at source (TDS) on Leave Fare Concession (LFC) reimbursements when the employees’ travel itineraries included a foreign leg. Facts The assessee,… Read More »

Reassessment Notice Validity and Jurisdiction Disputes Must Be Remanded to Assessing Officer for Verification

By | July 15, 2026
0 Comment

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 »

Consequential Assessment Automatically Becomes Void Once the Underlying Section 263 Revision Order Is Set Aside

By | July 15, 2026
0 Comment

Consequential Assessment Automatically Becomes Void Once the Underlying Section 263 Revision Order Is Set Aside Issue Whether a consequential assessment order passed by the Assessing Officer pursuant to a revisionary direction under Section 263 can survive or be adjudicated on merits after the ITAT has quashed the underlying Section 263 revision order. Facts The assessee,… Read More »

Taxing Gross Online Gaming Winnings Without Offsetting Associated Entry Costs and Losses Is Impermissible

By | July 15, 2026
0 Comment

Taxing Gross Online Gaming Winnings Without Offsetting Associated Entry Costs and Losses Is Impermissible Taxing Gross Online Gaming Winnings Without Offsetting Associated Entry Costs and Losses Is Impermissible Issue Whether income from online games under Section 115BB must be computed on the basis of “net winnings” by offsetting entry costs and losses, or on the… Read More »