Income Tax - Time-bound disposal of advance ruling application - Section 384(6) - The Petitioner filed an application under Section 384 of the Income Tax Act, 2025 before the Board for Advance Rulings. Neither a formal order of admission under Section 384(2) was passed nor was the date of hearing in...
Income Tax - Rejection of valuation report of unquoted shares - Section 56(2)(viib) read with Rule 11UA(1)(c) - The Respondent-assessee allotted Compulsorily Convertible Preference Shares (CCPS) to its holding company at a premium and obtained a valuation report from a Chartered Accountant using the...
Income Tax – Revision under Section 263 initiated on audit objection where AO made due enquiries and accepted the explanation – Assessee was selected for complete scrutiny, AO raised queries and follow-up queries which were answered by the Assessee, and the assessment was completed with an addition...
Income Tax – Non-response to notice under section 133(6) by lenders - Appellant, a firm, received unsecured loans from two parties and the AO made addition under section 68 as unexplained cash credit on the ground that the lenders did not respond to notice under section 133(6), which was sustained b...
Income Tax - Capital Gains vs Business Income, Section 2(13), Adventure in the nature of trade, Sale of converted land – The Appellant, an individual, along with a co-owner holding equal share, sold parcels of converted non-agricultural land. The AO held that the Appellant was regularly engaged in p...