The Tribunal held that section 54 relief cannot be denied merely because the new property was purchased in the spouse’s name. It ruled that actual investment of capital gains is the key requirement.
The Court ruled that services rendered remotely cannot create a PE because the treaty requires services furnished within India through employees. virtual presence cannot substitute physical presence without treaty amendment.
The Supreme Court rejected the High Courts view that nomination alone guarantees absolute entitlement. It emphasized that beneficiaries must follow succession law, splitting the GPF 50% each between eligible family members.
Tribunal held that a provision for bad debts need not be routed through the Profit & Loss account in the first eligible year under Section 36(1)(viia). The disallowance was deleted as the audited statements reflected the provision as on 31.03.2007.
The Court held that both salary and farm income must be considered, increasing the deceased’s monthly income to ₹8,000. ignoring legitimate income sources leads to undervalued compensation.
The tribunal held that the resolution plan was invalid because several valuable properties were omitted from the Information Memorandum. The ruling emphasises that all assets must be valued and disclosed, and security interests cannot be extinguished without legal basis.
The Court held that strict documentary proof of salary is not mandatory and adopted a reasonable income figure. liberal standards apply when determining earnings for young accident victims.
Tribunal upheld CoC’s power under Section 27 to replace Resolution Professional, ruling that a pending challenge to CoC’s constitution cannot block appointment.
The ITAT Hyderabad held that a notice issued by the Jurisdictional AO under Sections 148A(b) and 148 after the Faceless Jurisdiction Scheme, 2022, is without jurisdiction and void. The reassessment order based on such notice was consequently quashed. This ruling reinforces the mandatory requirement for faceless reassessment under the 2022 scheme.
The Court held that assessments under Section 73 without prior Rule 142(1)(A) notices are invalid. Section 61 scrutiny must be completed first, and unsatisfactory explanations require issuance of the notice. The assessments were quashed, and the matter remanded to the proper officer.
