Separate satisfaction note for each assessment year u/s 153C - Section 153C assessment on seized material pertaining to other person Consolidated satisfaction note u/s 153C - Validity of the section 153C assessments for AY 2014-15 to 2017-18 initiated on a single satisfaction note - HELD THAT: - A satisfaction note under section 153C is required for each assessment year, and a consolidated satisfaction note covering several assessment years vitiates the assessment proceedings. The common note... ... ...

Registration u/s 12AB - effect of subsequent or pending registration under the Rajasthan Public Trust Act - Genuineness of charitable activities - fresh factual examination - Curable procedural defects in Form No. 10AB - Charitable-registration applications - opportunity to cure non-compliance - Approval under section 80G-independent statutory requirements Registration u/s 12AB - subsequent registration under the Rajasthan Public Trust Act - Scope of reconsideration of applications for regist... ... ...

Rectification of mistake apparent from record - Double assessment of the same income Rectification of the addition for unexplained cash deposits where the same post-dissolution deposits had already been assessed in the hands of the successor proprietorship concern - HELD THAT: - The firm had dissolved before the deposits were made, and the separate books of the firm and the successor proprietorship corroborated that the deposits belonged to the latter concern. The existing assessment record o... ... ...

Interest for delayed filing of return - date of e-verification - Extension of time limits during COVID-19 - rectification u/s 154 to recompute interest u/s 234A Rectification of the assessment to levy interest for delayed filing of return by treating the date of e-verification as the date of filing - HELD THAT: - The Tribunal held that, once e-verification is completed, it relates back to the date on which the return was filed; the Assessing Officer could not treat the later e-verification da... ... ...

Unexplained expenditure - distinction between source and genuineness of recorded expenditure - Additional evidence in appeal - applicability of Rule 46A Unexplained expenditure - distinction between source and genuineness of recorded expenditure - Non-response to notices under section 133(6) - insufficiency without positive evidence - Addition as unexplained expenditure for logistics-related payments to vendors who did not respond to notices u/s 133(6), where the expenditure was recorded in u... ... ...

Bogus long-term capital gains on penny-stock shares - Unexplained cash credit u/s 68 HELD THAT: - Though the documentary trail of merger-based allotment, dematerialisation and sale through a recognised intermediary was available, the scrip had been investigated by specialised authorities and exhibited abnormal price movement and trading behaviour unsupported by corresponding financial fundamentals. The assessee neither established the intrinsic financial strength of the company nor rebutt... ... ...

Reassessment based on unreturned sale of immovable property - Sanction for reassessment - application of mind - Agricultural land - capital asset - municipal limits at date of transfer Reassessment based on unreturned sale of immovable property - Reason to believe - live link with information - Validity of reassessment initiated on information of sale of immovable property where no return was filed and the claimed exemption was unsupported by particulars - HELD THAT: - Information of the prop... ... ...

Taxability of unrealised foreign-exchange gain on ECB-financed indigenous capital assets - Applicability of sections 43A and 43AA to foreign-currency fluctuations Taxability of unrealised foreign-exchange gain on year-end reinstatement of foreign-currency ECB liability used to acquire capital assets in India - HELD THAT: - Section 43A is a special provision whose application depends upon fulfilment of the condition that the asset is acquired from outside India. The foreign-currency denominati... ... ...

Delay of 689 days in challenging the revisionary order - Sufficient cause for condonation of inordinate delay HELD THAT: - Mere assertion of ignorance of law, procedure or the appellate remedy, without cogent material explaining the entire period of delay, does not constitute sufficient cause. The assessee had participated, with legal assistance, in the consequential assessment and appellate proceedings arising from the revisionary order, yet failed to explain the delay with the requisite dil... ... ...

Period of Limitation for reassessment without TPO reference - assessment order passed by the AO u/s 144C(3) Limitation for completing reassessment of a non-resident where a draft assessment order was made without any reference to the Transfer Pricing Officer - HELD THAT: - The Tribunal held that, under the law applicable to the assessment year, a non-resident was not an eligible assessee for the draft-assessment procedure and the limitation prescribed for reassessment under section 153(2) app... ... ...

Assessing Officer's jurisdiction - monetary allocation and transfer of cases Validity of the reassessment notice issued by an Income-tax Officer despite the assessee's claim that jurisdiction, having regard to returned income, lay with an ACIT/DCIT, along with connected challenges to the notice, approval, consequential reassessment, deduction disallowance and interest levy - HELD THAT: - Directions issued under section 120 regulate the exercise of jurisdiction and may permit concurren... ... ...

Invalidation of concessional-tax-regime option for non-fulfilment of statutory conditions - Section 143(1) adjustment of additional depreciation under a disputed concessional-regime option Conditional option for concessional corporate taxation - Scope of adjustment u/s 143(1) - Validity of adjustment disallowing additional depreciation in return processing where Form 10-IC had been filed but the conditions for concessional taxation under section 115BAA were not fulfilled - HELD THAT: - The op... ... ...

Unauthorised superior-officer participation in regular scrutiny assessment - Independent exercise of quasi-judicial assessment discretion Validity of regular scrutiny assessments where the Assessing Officer, without statutory authority, consulted the Additional Commissioner throughout the proceedings and obtained prior approval before making the assessments - HELD THAT: - The power to make a regular scrutiny assessment is a quasi-judicial power vested exclusively in the Assessing Officer. In ... ... ...

Penalty for under-reported income - bona fide explanation and disclosure of material facts - Penalty for delayed tax audit - reasonable cause Penalty u/s 270A(3) for under-reported income - Bona fide explanation and material disclosure - Levy of penalty for under-reported income where the return filed in response to reassessment notice was accepted without addition after prior upload of the audit report and payment of taxes - HELD THAT: - The exclusion under section 270A(6)(a) applies where t... ... ...

Exemption u/s 10(26) for salary income arising from specified area - Burden of proof for exemption claim - salary income claimed to have arisen from work performed from home in Shillong HELD THAT: - An assessee claiming an exemption must establish fulfilment of every prescribed condition; the benefit cannot be allowed on a liberal or presumptive construction. The employer's address-proof letter merely recorded the assessee's updated address and neither certified employment in Megha... ... ...

Royalty - cloud-based software subscription fees - Use or right to use copyright or process Characterisation of subscription fees for access to a cloud-based communication platform as royalty under section 9(1)(vi) of the Act and Article 12(3)(a) of the India-Ireland DTAA - HELD THAT: - The subscriber received only a non-exclusive and limited right to access and use the communication platform for the subscription period. The assessee retained ownership of the software and its intellectual pro... ... ...

Revision of assessment u/s 263 - examination of records and prima facie satisfaction - Deduction for co-operative society income-timely filing of return - Scope of reassessment-deduction claim linked to cash deposits Revision of assessment-examination of records - Prima facie satisfaction of error and prejudice - Validity of the assumption of revisionary jurisdiction over the assessment allowing deduction for co-operative society income - HELD THAT: - The revision notice recorded that the ass... ... ...

Limitation for fresh assessment pursuant to rectification order u/s 254(2) - Non-compliance with directions to furnish status of related prosecution Limitation for fresh assessment pursuant to rectification order under section 254(2) - HELD THAT: - Where the Tribunal, while disposing of a miscellaneous application under section 254(2), issued fresh directions for de novo assessment, the order under section 254 for purposes of section 153(3) included that rectification order. The period for co... ... ...

Tax deduction at source on annual lease rent paid to GNOIDA - Non-deduction pursuant to recipient authority's insistence- respondent denied protection against adverse action for non-deduction of tax at source from annual lease rent paid to GNOIDA merely because it was not a petitioner in the earlier connected litigation HELD THAT: - The Court noted that GNOIDA was not within the expression "Government" and that tax was required to be deducted from annual lease rent. However, the earlier r... ... ...

Penalty for concealment or furnishing inaccurate particulars - non consideration of CBDT Circular No. 25/2015 - HELD THAT: - The Court found that the penalty order had not considered Circular No. 25/2015, which clarifies the position regarding levy of penalty for the period prior to 01.04.2016. The penalty liability therefore required fresh examination in terms of that Circular. The penalty order and consequential demand notice were quashed, and the matter was restored to the assessing author... ... ...