Ex-Parte Assessment Orders Set Aside and Remanded for De Novo Hearing Due to Improper Notice Service Ex-Parte Assessment Orders Set Aside and Remanded for De Novo Hearing Due to Improper Notice Service Issue Whether ex-parte assessment orders passed under Section 144 and confirmed ex-parte by CIT(A) should be set aside and remanded to the Jurisdictional… Read More »
Net Loss from Online Gaming After Accounting for Buy-In Amounts Is Not Taxable Under Section 115BB Issue Whether gross wallet credits can be taxed under Section 115BB when the assessee incurred an overall net loss in online gaming activity after accounting for buy-in deposits and user account transfers. Facts The assessee, an individual, filed a… Read More »
Reassessment Notice Beyond Three Years Is Invalid If Escaped Income Is Below Fifty Lakhs Reassessment Notice Beyond Three Years Is Invalid If Escaped Income Is Below Fifty Lakhs Issue Whether a reassessment notice issued under Section 148 beyond the three-year limitation period is valid when the initial allegation of unexplained cash deposits is dropped and… Read More »
Remand Required to Verify Dual Salary Ledgers and Cash Payment Claims Under Section 40A(3) Remand Required to Verify Dual Salary Ledgers and Cash Payment Claims Under Section 40A(3) Issue Whether the disallowance of salary expenditure under Section 40A(3) for cash payments exceeding the prescribed limit is sustainable without complete verification of the assessee’s voluminous expense… Read More »
Assessments Initiated Under Section 147 Based on Material Seized During Third-Party Search Are Void for Lack of Jurisdiction Issue Whether an assessment reopened under Section 147 read with Section 148 on the basis of documents seized during a third-party search under Section 132 is valid in law, or whether the Assessing Officer is mandatorily required… Read More »
Co-operative Society Is Eligible for Section 80P Deduction Claimed in Section 148 Return and on Bank Interest From Idle Funds Co-operative Society Is Eligible for Section 80P Deduction Claimed in Section 148 Return and on Bank Interest From Idle Funds Issue Whether a deduction under Section 80P can be claimed in a return filed in… Read More »
Section 50C Cannot Be Invoked for Tenancy Agreements Without Proof of Ownership Transfer Issue Whether the deeming provisions of Section 50C of the Income-tax Act, 1961 can be invoked to substitute stamp duty value as full value of consideration in the case of a registered tenancy agreement, without establishing an actual transfer of ownership rights… Read More »
Prosecution under Section 276CC Is Impermissible and Liable to Be Quashed When No Tax Is Outstanding Due to Prepaid TDS Prosecution under Section 276CC Is Impermissible and Liable to Be Quashed When No Tax Is Outstanding Due to Prepaid TDS Issue Whether criminal prosecution under Section 276CC for failure to furnish a return of income… Read More »
Penalty Under Section 271B Is Sustainable When Failure to Audit Accounts Is Backed by Reasonable Cause Issue Whether penalty under Section 271B for failure to get accounts audited under Section 44AB can be sustained when the assessee demonstrates reasonable cause under Section 273B and the return of income is accepted without any addition. Facts Business… Read More »
Assessment Orders Passed Ex Parte Against a Deceased Assessee Warrant Remand to AO for Fresh Adjudication Issue Whether ex parte assessment and appellate orders passed due to non-representation by a deceased assessee should be set aside and remanded to the Assessing Officer for fresh adjudication to uphold the principles of natural justice. Facts Ex Parte… Read More »