Typographical Error in ITR Regarding First Opted Year Cannot Deny Section 115BAC New Tax Regime Benefit Issue Whether an individual assessee who opted for the new tax regime under Section 115BAC in Assessment Year 2021-22 by filing Form 10-IE can be denied the Section 115BAC tax benefit for Assessment Year 2023-24 solely due to an… Read More »
Assessing Officer Cannot Force NAV Method Over DCF Chosen by Assessee Under Rule 11UA Assessing Officer Cannot Force NAV Method Over DCF Chosen by Assessee Under Rule 11UA Issue Whether the Assessing Officer (AO) has the statutory authority to unilaterally reject the Discounted Cash Flow (DCF) valuation method chosen by the assessee under Rule 11UA(2)… Read More »
Registered Venture Capital Funds Can Claim Sections 10(34) and 10(35) Exemptions Simultaneously With 10(23FB) Issue Whether a SEBI-registered Venture Capital Fund (VCF) claiming exemption under Section 10(23FB) is barred from simultaneously claiming exemptions under Sections 10(34) (dividend income) and 10(35) (income from mutual fund units) of the Income-tax Act, 1961, for Assessment Year 2016-17. Facts… Read More »
Escaped Assessment Notices Struck Down if for AY 2015-16, Else Remanded for Redetermination Escaped Assessment Notices Struck Down if for AY 2015-16, Else Remanded for Redetermination Issue Whether the impugned reassessment notices are liable to be struck down outrightly under the revenue’s concession if they pertain to Assessment Year 2015-16, or whether the matters should… Read More »
Assessing Officer Must Apply Comparable Gross Profit Rate and Cannot Make Separate Expense Disallowances After Rejecting Books Assessing Officer Must Apply Comparable Gross Profit Rate and Cannot Make Separate Expense Disallowances After Rejecting Books Issue Whether the Assessing Officer is justified in estimating a liquor trader’s gross profit at 4% when a 3.13% rate was… Read More »
Hiring Receipts Are Commercial Business Income, but Publication and Staff Costs Qualify as Valid Charitable Accumulation Application Issue Whether the receipts from commercially hiring out conference and auditorium facilities constitute business income under section 11(4A) due to active property exploitation, and whether expenses on publications, printing, and administrative salaries qualify as the application of accumulated… Read More »
No penalty for under-reporting is leviable on retrospective disallowance of a bona fide education cess claim. Issue Whether a penalty for under-reporting income under Section 270A can be legally sustained when the deduction claimed (Education Cess) was based on prevalent judicial precedents but was subsequently disallowed by a retrospective amendment under the Finance Act, 2022.… Read More »
Deletion of penalty by the Tribunal warrants quashing of criminal prosecution for tax evasion. Issue Whether a criminal prosecution for a willful attempt to evade tax under Section 276C(1) can be sustained or must be quashed if the Income Tax Appellate Tribunal has already deleted the penalty levied for concealment of income on the exact… Read More »
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. 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 »