S. 147 : Reassessment-Notice is issued by the Assessing Officer who had no jurisdiction-Reassessment is bad in law-Additional grounds-Question of law is admitted. [S. 2(7A), 120, 124(3), 143(3), 148]
S. 147 : Reassessment-Notice is issued by the Assessing Officer who had no jurisdiction-Reassessment is bad in law-Additional grounds-Question of law is admitted. [S. 2(7A), 120, 124(3), 143(3), 148]
S. 147 : Reassessment-Alleged bogus long term capital gains-Sale of shares-Information from Investigation Wing-Non application of mind-Reassessment is quashed. [S. 10(38), 45]
S. 145 : Method of accounting-Rejection of books of account-Estimation of profit-Rejection of books of account is justified-Estimate of @ 5 percent of the turnover is affirmed-Jurisdiction issue is not challenged in the course of assessment proceedings hence not entertained-Reassessment is affirmed. [S. 124(3),145(3), 147, 148]
S. 144C : Reference to dispute resolution panel-DRP cannot set aside any proposed variation or issue any direction for further enquiry-Direction issued to the Assessing Officer to pass a speaking order in respect of Permanent Entablement is contrary to the provisions of section 144C(8) [S. 9(1)(i), 144C(8)]
S. 143(3): Assessment-Jurisdiction-Assessment order passed by non-Jurisdictional Assessing Officer-Contrary to CBDT instruction No. 1 of 2011 dt. 1-4-2011-Order is bad in law. [S. 119,124(3), 143(2)]
S. 143(2) : Assessment-Notice under section 143(2) was issued by non-jurisdictional Assessing Officer-Matter remanded to the Assessing Officer to verify as to territorial jurisdiction at the time of issue of notice. [S. 143(2)]
S. 143(1) : Assessment-Intimation-Invalid return-CPC has no jurisdiction to process the return and disallow the claim. [S. 139(9)]
S. 139 : Return of income-Capital loss-Short term capital loss-Carry forward-Entitle to the benefit of extended due date of filing upto 31st October 2019 [S. 74, 80IA(7), 139(1), Expl. 2(a)(ii)]
S. 112 : Tax on long term capital gains-Determination of tax in certain cases-Non-resident-Sale of unlisted shares-Capital gains had to be computed only by reference to provisions of section 112(1)(c)(iii), without giving effect to first and second provisos to section 48. [S. 45, 48, 112(1)(c)(iii)]
S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Comparable-Sale of low volume of exports cannot be considered as valid comparable-Adjustment made adopting the ALP of interest at six moths average of LIBOR plus 3. 5 % % is not sustainable.