Legal and tax analysis from The AS Lex
The Gujarat High Court quashes a Section 148 reassessment built entirely on a DVO report the AO had no power to obtain. Under the pre-1 July 2012 Section 55A, a valuation reference was permissible only where the assessee's declared value was less than fair market value — not more — and the 2012 amendment cannot be applied backwards to save it.
Read ArticleA rummy player deposited Rs 3.84 crore in buy-ins to win Rs 3.54 crore back — a real cash loss. The Hyderabad ITAT holds that "winnings" under Section 115BB means net winnings and deletes the addition — but a coordinate Hyderabad bench has held the opposite, leaving the pre-AY 2024-25 gross-vs-net question genuinely open.
Read ArticleThe Mumbai ITAT holds that medical relief is an independent charitable purpose under Section 2(15), the commercial-activity proviso does not apply to it, and commercial scale is not commercial purpose — restoring the trust's Section 12AB registration and 80G approval.
Read ArticleThe Gujarat High Court quashes a Section 148A(d) reassessment order, holding that reopening based on ignorance of the Supreme Court's Rotork Controls ruling and material already on record amounts to nothing more than a change of opinion.
Read ArticleITAT Delhi deleted a Rs. 21.53 crore FTS addition, holding that genuine cost-to-cost salary reimbursements for seconded employees depend on real employer facts.
Read ArticleThe Revenue's SLP failed on a 384-day delay and on merits, leaving intact key findings on AMP expenditure, Section 14A, and seized-material additions.
Read ArticleA landmark ruling draws a bright constitutional line — estimation-based TP adjustments cannot, in law, be equated with concealment or misrepresentation. The penalty regime has limits.
Read ArticleA recent ITAT Delhi order doesn't just decide a case — it draws bright lines around four recurring transfer pricing and income tax controversies that affect every MNE operating in India.
Read ArticleThe "it was my grandfather's house" defence is gone. A practitioner's analysis of Arun Suri v. Directorate of Enforcement and what it means for PMLA defence strategy.
Read ArticleA practitioner's guide to the new reassessment regime — and where the battles are being fought today. Few provisions have produced as much litigation and confusion as Sections 147-151.
Read ArticleA practitioner's guide to India's biggest tax law overhaul in six decades — beyond the headlines. The Bill proposes to repeal and replace the Income Tax Act, 1961.
Read ArticleITAT Mumbai rules that cash redeposits from earlier bank withdrawals cannot be treated as unexplained money u/s 69A. Full analysis of Nitinkumar Kacharia v. DCIT with key takeaways.
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