Excess application of earlier years can be adjusted under Section 11 despite no explicit return claim. Issue Whether a charitable trust is entitled to adjust excess application of income/capital expenditure incurred in earlier years against the income of the current assessment year, even if such excess was not explicitly claimed for carry-forward in the income… Read More »
Deposit in Capital Gains Scheme entitles Section 54 exemption, while distance of agricultural land and indexation require re-verification. Issue Whether an assessee is entitled to exemption under Section 54 when bank documentation confirms the deposit of unutilized sale proceeds into the Capital Gains Accounts Scheme. Whether the classification of agricultural land as a non-capital asset—based… Read More »
Prosecution Under Section 276CC Quashed as Resigned Director Was Not in Charge When Return Surpassed Due Date Prosecution Under Section 276CC Quashed as Resigned Director Was Not in Charge When Return Surpassed Due Date Issue Whether prosecution under Section 276CC read with Section 278B for failure to file a company’s income tax return can be… Read More »
Penalty Under Section 270A Is Unsustainable as AO Failed to Specify Applicable Limb of Misreporting Issue Whether a penalty levied under Section 270A for under-reporting of income in consequence of misreporting is legally sustainable when the Assessing Officer fails to specify the exact limb under Section 270A(9) in the show-cause notice and fails to establish… Read More »
Reassessment Order for AY 2018-19 Quashed as Sanction for Section 148 Notice Was Granted by Incompetent 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 when sanction is granted by a Principal Commissioner of Income Tax under Section… 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 »
Ex-Gratia Exemption Under Section 10(10B) Rejection of Form 10AB for Selecting Incorrect Section 12A Clause Is Curable Procedural Defect Ex-Gratia Exemption Under Section 10(10B) Rejection of Form 10AB for Selecting Incorrect Section 12A Clause Is Curable Procedural Defect Issue Whether the rejection of a trust’s Form No. 10AB registration application solely due to selecting an… Read More »
Ex-Gratia Exemption Under Section 10(10B) Is Allowed as Capital Receipt for BSNL VRS-2019 Employees Issue Whether ex-gratia compensation received by BSNL employees under the BSNL Voluntary Retirement Scheme, 2019 (BSNL VRS-2019) constitutes capital receipt in the nature of ‘Retrenchment Compensation’ fully exempt under Section 10(10B) of the Income-tax Act, 1961, rather than being restricted to… Read More »
TDS Credit Cannot Be Denied To Assessee When Deducted And Deposited Under Their PAN Issue Whether an assessee, acting as a Kaccha Arahtia/commission agent, is entitled to full credit of TDS deducted under Section 194Q by purchasers and deposited into the Government Treasury under their PAN, even if the corresponding gross turnover was not taxable… Read More »
Reassessment Sanction Granted by PCIT Instead of PCCIT After Three Years Is Void Ab Initio Reassessment Sanction Granted by PCIT Instead of PCCIT After Three Years Is Void Ab Initio Issue Whether a reassessment notice issued under Section 148 and an order passed under Section 148A(d) after the expiry of three years from the end… Read More »