Prosecution Under Section 276CC Unwarranted When Final Regular Assessment Entitles Taxpayer to a Refund Prosecution Under Section 276CC Unwarranted When Final Regular Assessment Entitles Taxpayer to a Refund Issue Whether a criminal prosecution under Section 276CC for failure to furnish an income tax return under Section 148 is sustainable when the regular assessment results in… Read More »
Full TDS Credit Must Be Allowed to Co-Owner If Other Co-Owners Claim No Credit Issue Whether an assessee who co-owns a leased property is entitled to claim 100% credit for Tax Deducted at Source (TDS) deducted entirely under his PAN when the other co-owners offer their proportionate rental income to tax but claim zero TDS… Read More »
Addition Under Section 69 Unproductive When Immovable Property Purchases Are Recorded in Books Issue Whether an addition under Section 69 for unexplained investments can be made in the hands of a partnership firm when the acquisition of immovable properties is fully recorded in the firm’s books of account and funded through partners’ capital contributions. Facts… Read More »
Delay in Filing Appeal Condoned and Entire BSNL VRS 2019 Ex Gratia Exempt Under Section 10(10B) Issue Whether the CIT(A) erred in refusing to condone a 1540-day delay in filing an appeal, and whether ex gratia compensation received by a retired BSNL employee under the BSNL Voluntary Retirement Scheme (VRS), 2019 qualifies for full income… Read More »
SBI Branches Complying with High Court Stay Orders Cannot Be Assessed in Default Under Section 201 SBI Branches Complying with High Court Stay Orders Cannot Be Assessed in Default Under Section 201 Issue Whether SBI branches can be treated as “assessees in default” under Section 201(1) and charged interest under Section 201(1A) for failing to… Read More »
Ex-Parte Section 69A Assessment Remanded to AO for Fresh Hearing Subject to Assessee Paying Costs Ex-Parte Section 69A Assessment Remanded to AO for Fresh Hearing Subject to Assessee Paying Costs Issue Whether an ex-parte reassessment order treating cash deposits and withdrawals as unexplained money under Section 69A should be set aside and remanded for fresh… Read More »
Reassessment Issued After Scrutiny Without Proving Failure to Disclose Material Facts Quashed as Void Reassessment Issued After Scrutiny Without Proving Failure to Disclose Material Facts Quashed as Void Issue Whether a reassessment notice issued under Section 148 beyond four years after a completed Section 143(3) scrutiny assessment is legally sustainable when all bank details were… Read More »
Section 56(2)(x) Addition and Consequential Section 270A Penalty Invalid as Property Registration Was Mere Formalization Issue Whether Section 56(2)(x)(b) can be invoked to tax the difference between stamp duty value and consideration when a registration in the relevant year merely formalizes an agreement executed, fully paid for, and possessed nearly two decades earlier. Whether penalty… 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 »
Supreme Court Affirms Notice Bearing Officer Name and Designation Is Valid Without Signature Under Section 282A Supreme Court Affirms Notice Bearing Officer Name and Designation Is Valid Without Signature Under Section 282A Issue Whether a reassessment notice issued under Section 148 is valid and duly authenticated under Section 282A when it bears the name and… Read More »