Dismissal of SLP Confirms Revenue Cannot Raise the Issue of Netting Security Appreciation for the First Time Before High Court Dismissal of SLP Confirms Revenue Cannot Raise the Issue of Netting Security Appreciation for the First Time Before High Court Issue Whether the Revenue is permitted to raise a new legal plea regarding the “netting… Read More »
Reopening of Assessment Unjustified as Records Proved Assessee Offered Short-Term Capital Gains to Tax Issue Whether the Assessing Officer was justified in reopening the assessment under Section 147 of the Income-tax Act based on information that the assessee claimed a Long-Term Capital Gain (LTCG) exemption, when the records established that the assessee had actually offered… Read More »
Writ Petition Against Jurisdictional Assessing Officer’s Reassessment Disallowed but Remanded to Pending CIT(A) Appeal Issue Validity of Notice: Whether the Jurisdictional Assessing Officer (JAO) has the legal authority to initiate reassessment proceedings by issuing a notice under Section 148, and whether subsequent orders can be passed outside the mandatory faceless assessment regime. Maintainability of Writ:… Read More »
Disallowances for Income Derecognition, Unpayable Energy Tax, Security Deposit Interest, and Higher UPS Depreciation Are Unsustainable Disallowances for Income Derecognition, Unpayable Energy Tax, Security Deposit Interest, and Higher UPS Depreciation Are Unsustainable Issue Derecognition of Income: Whether a disallowance can be made under Section 37(1) for the derecognition of income pertaining to the consumers’ portion… Read More »
Penalty to be levied only when it is proved that income was concealed or inaccurate particular was furnished: HC HIGH COURT OF ALLAHABAD Principal Commissioner of Income-tax, Central Kanpur v. Dinesh Chandra Jain BHARATI SAPRU AND ROHIT RANJAN AGARWAL, JJ. IT APPEAL NOS. 276, 277 OF 2015 IT APPEAL DEFECTIVE NOS. 197, 198, 199 & 200 OF… Read More »