Tag Archives: Principal Commissioner

Claimed ESOP Expenditure Allowable Under Section 37(1) Rendering Section 263 Revision Order Invalid

By | October 27, 2026
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Claimed ESOP Expenditure Allowable Under Section 37(1) Rendering Section 263 Revision Order Invalid Issue Whether Section 17(2)(vi), which governs employee perquisite taxation, dictates the character or allowability of employee stock option (ESOP) compensation expenditure claimed by an employer under Section 37(1). Whether the Principal Commissioner of Income Tax (PCIT) can assume revisionary jurisdiction under Section… Read More »

Revisional Order Under Section 263 Invalid as Interest Under Section 28 Land Acquisition Act Forms Exempt Compensation

By | October 17, 2026
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Revisional Order Under Section 263 Invalid as Interest Under Section 28 Land Acquisition Act Forms Exempt Compensation Issue Whether interest received under Section 28 of the Land Acquisition Act, 1894 forms part of compensation exempt under Section 10(37), and whether the PCIT/CIT can invoke revision under Section 263 where the Assessing Officer accepted the claim… Read More »

Review Petition Against Denial of Interest on Withdrawn GST Refund Held Non-Maintainable and SLP Dismissed

By | October 6, 2026
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Review Petition Against Denial of Interest on Withdrawn GST Refund Held Non-Maintainable and SLP Dismissed Issue Whether a review petition seeking interest on an inadvertently deposited GST refund for a period during which the refund application stood withdrawn is maintainable under Section 114 of the Code of Civil Procedure, 1908 read with Section 54 of… Read More »

Section 69 and Section 115BBE cannot apply without findings of undisclosed assets or investments.

By | September 1, 2026
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Section 69 and Section 115BBE cannot apply without findings of undisclosed assets or investments. Issue Whether the higher tax rate under Section 115BBE read with Section 69 can be invoked without establishing the unearthing or existence of any undisclosed or unaccounted investment. Facts Assessment Year: AY 2018-19. Revision Order: The Principal Commissioner of Income Tax… Read More »

Capital contribution received from newly inducted partner via demand drafts cannot be taxed under Section 68.

By | August 10, 2026
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Capital contribution received from newly inducted partner via demand drafts cannot be taxed under Section 68. Issue Whether an addition made under Section 68 of the Income-tax Act, 1961 / Section 102 of the Income-tax Act, 2025 as an unexplained cash credit is sustainable when a partner’s capital contribution is received through demand drafts and… Read More »