Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Reassessment based only on information from the Investigation Wing and a third-party statement was found unsustainable where the Assessing Officer had no independent tangible material to form his own belief of escapement. The Tribunal held that mere reliance on borrowed satisfaction and post facto notices to alleged suppliers did not justify reopening under sections 147 and 148. It also held that an addition for alleged bogus purchases could not be made under section 68 when the purchases and corresponding sales were already recorded in the books, as that would amount to double addition. Both appeals were allowed and the section 68 addition was deleted.
Reassessment based only on information from the Investigation Wing and a third-party statement was found unsustainable where the Assessing Officer had no independent tangible material to form his own belief of escapement. The Tribunal held that mere reliance on borrowed satisfaction and post facto notices to alleged suppliers did not justify reopening under sections 147 and 148. It also held that an addition for alleged bogus purchases could not be made under section 68 when the purchases and corresponding sales were already recorded in the books, as that would amount to double addition. Both appeals were allowed and the section 68 addition was deleted.
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