AO Must Consider Section 170A Modified Return And Cannot Add Transfer Pricing Adjustments To MAT Issue Section 170A Modified Return: Whether the Assessing Officer is required to adopt a modified return filed u/s 170A post-NCLT merger scheme as the starting point for recomputing total income. Transfer Pricing Adjustments under MAT: Whether transfer pricing adjustments made… Read More »
High Court Holds Deduction Under Section 80HHC Cannot Be Reduced By Profits Allowed Under Section 80IA Issue Whether Section 80IA(9) mandates that profits allowed as a deduction under Section 80IA(1) must be reduced from business profits while computing deductions under Section 80HHC under Chapter VI-A. Facts Assessment Year: The matter pertains to Assessment Year 2002-03… Read More »
Reopening Assessment Without New Tangible Material Amounts To Invalid Change Of Opinion Reopening Assessment Without New Tangible Material Amounts To Invalid Change Of Opinion Issue Whether reopening an assessment under Section 147 based on an Investigation Wing report is legally sustainable when no new tangible material was discovered and the original assessment under Section 143(3)… Read More »
Unexplained Capital Introduced By Partners Cannot Be Added As Cash Credit Under Section 68 In Hands Of Partnership Firm Unexplained Capital Introduced By Partners Cannot Be Added As Cash Credit Under Section 68 In Hands Of Partnership Firm Issue Whether an addition under Section 68 for unexplained cash credit can be made in the hands… Read More »
Interest Incurred Post Project Completion On Unsold Inventory Is Deductible Revenue Expense Upon TDS Compliance Interest Incurred Post Project Completion On Unsold Inventory Is Deductible Revenue Expense Upon TDS Compliance Issue Whether interest expenditure incurred after the completion of a real estate project on borrowed funds relatable to unsold stock-in-trade must be capitalized to flat… Read More »
Registration Under Section 12AB Restored As Primary Proof Exists Via Affidavit And Departmental Records Registration Under Section 12AB Restored As Primary Proof Exists Via Affidavit And Departmental Records Issue Whether CIT(E) can reject a Section 12AB registration application solely for lack of an original physical pre-2021 registration certificate when official departmental records and trustee… Read More »
ITAT Remands Rejections Of Trust Registrations And Section 80G Approvals For Fresh Adjudication ITAT Remands Rejections Of Trust Registrations And Section 80G Approvals For Fresh Adjudication Issue Whether Section 12A/12AB registration or Section 80G approval can be rejected solely due to technical errors, such as selecting the wrong clause in online forms. Whether rejection of… Read More »
Transfer Pricing Adjustments Restricted, Foreign Travel Disallowance Quashed, And Carbon Credit Sale Held Capital Receipt Issue Whether transfer pricing adjustments for corporate guarantee commission and loan interest rate should be restricted based on precedents set in the assessee’s own case. Whether an ad hoc disallowance of foreign travel expenses is sustainable when the assessee voluntarily… Read More »
Registration Under Section 12AA Cannot Be Denied Solely For Want Of Registration With Charity Commissioner Registration Under Section 12AA Cannot Be Denied Solely For Want Of Registration With Charity Commissioner Issue Whether the Commissioner (Exemptions) can reject an application for registration under Section 12AA solely on the ground that the applicant-trust is not registered with… Read More »
Addition Under Section 69 And Capital Gains Tax Quashed As Investment Source Stood Duly Explained Issue Whether addition made under Section 69 towards alleged unexplained cash investment in agricultural land is sustainable when the cash payment source is supported by bank withdrawals. Whether agricultural land situated beyond 8 kilometers from municipal limits (as per Notification… Read More »