Reassessment Based on Third-Party Digital Data Lacking Clear Evidence of Cash Receipt Deserves to Be Quashed Reassessment Based on Third-Party Digital Data Lacking Clear Evidence of Cash Receipt Deserves to Be Quashed Issue Whether a reassessment notice under Section 148 and its underlying order under Section 148A(3) can be legally sustained if they are based… Read More »
Reassessment Based on Third-Party Loose Papers Lacking a Live-Link and Relying on Retrospective Notional Rates Is Legally Unsustainable Issue Whether a reassessment notice under Section 148 can be validly issued based on loose paper entries seized from a third-party real estate broker, where the Revenue fails to establish a “live-link” to the petitioner and applies… Read More »
Consistency in Transfer Pricing Methods and Business Deductions Upheld, While Additional Depreciation Requires Integral New Capital Acquisition Issue Whether the Internal Transactional Net Margin Method (TNMM) can be replaced by the Comparable Uncontrolled Price (CUP) method if the Tribunal and High Court have consistently accepted TNMM for identical transactions in previous years. Whether Transfer Pricing… Read More »
CIT(A) Cannot Change Addition Sections Without Specific Notice, and Unreasonable Ad Hoc Disallowances Must Be Reduced Issue Whether the Commissioner of Income-tax (Appeals) [CIT(A)] can change the legal section of a tax addition (from Section 69C to Section 68) without issuing a specific show-cause notice to the assessee. Whether an ad hoc disallowance of 20%… Read More »
Deductions Under Section 80HHC Are Not Reduced by Section 80IA, and Capital-Linked Sales-Tax Remissions Are Capital Receipts Issue Whether business profits must be reduced by deductions allowed under Section 80IA while computing the deduction under Section 80HHC of the Income-tax Act, 1961. Whether a sales-tax remission granted under the West Bengal Incentive Scheme, 1993—explicitly linked… Read More »
Assessing Officer Must Apply Uniform Profit Rates For Identical Businesses And Cannot Make Separate Expense Disallowances After Rejecting Books Issue Whether the Assessing Officer (AO) is justified in estimating a higher gross profit (GP) rate of $4\%$ for a liquor trader after rejecting their books, when a lower GP rate of $3.13\%$ was accepted for… Read More »
Hiring Receipts Of Trust Treated As Commercial Business Income Whereas Incidental Expenditures Allowed As Application Hiring Receipts Of Trust Treated As Commercial Business Income Whereas Incidental Expenditures Allowed As Application Issue Whether the receipts earned by a charitable trust from hiring out its conference and auditorium facilities along with other amenities constitute commercial business income… Read More »
Supreme Court Remands Reassessment Cases To High Courts For Assessment Year Verification Issue Whether reassessment notices segregated from a larger batch of appeals must be struck down outright if they pertain to the Assessment Year (AY) 2015-16 pursuant to the Revenue’s concession in Union of India v. Rajeev Bansal, or whether they should be remitted… Read More »
Reassessment Notices Issued Beyond the Recomputed Supreme Court Timeline and TOLA Extensions Are Time-Barred and Invalid Issue Whether the reassessment order passed under Section 148A(d) and the subsequent notice issued under Section 148 on July 29, 2022, for Assessment Year 2014-15, are legally sustainable or invalid as being barred by the law of limitation. Facts… Read More »
Reassessment Notice Issued Beyond The Supreme Court Mandated Calculation Period Post-Ashish Agarwal And Rajeev Bansal Ruling Is Invalid As Time-Barred Reassessment Notice Issued Beyond The Supreme Court Mandated Calculation Period Post-Ashish Agarwal And Rajeev Bansal Ruling Is Invalid As Time-Barred Issue Whether the reassessment order under Section 148A(d) and the subsequent notice under Section 148,… Read More »