Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Revision under section 263 cannot be sustained on grounds not set out in the show cause notice, and the Principal Commissioner cannot introduce a fresh allegation of non-verification of expenses at the revision stage without confronting the assessee. The article also explains that a transfer of an outstanding loan balance by journal entry under a tripartite arrangement is not an actual repayment of loan, so the alleged breach of section 269T and penalty under section 271E did not arise. Where the Assessing Officer had already made enquiries and recorded the assessee's explanation, revision could not rest on a mere view that the enquiry was inadequate. In the absence of a demonstrated error causing prejudice to the Revenue, section 263 was held inapplicable.
Revision under section 263 cannot be sustained on grounds not set out in the show cause notice, and the Principal Commissioner cannot introduce a fresh allegation of non-verification of expenses at the revision stage without confronting the assessee. The article also explains that a transfer of an outstanding loan balance by journal entry under a tripartite arrangement is not an actual repayment of loan, so the alleged breach of section 269T and penalty under section 271E did not arise. Where the Assessing Officer had already made enquiries and recorded the assessee's explanation, revision could not rest on a mere view that the enquiry was inadequate. In the absence of a demonstrated error causing prejudice to the Revenue, section 263 was held inapplicable.
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