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...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Reassessment based only on Investigation Wing material was held invalid where the recorded reasons showed no independent inquiry, no tangible material and no live nexus between the information and alleged escapement; in cases reopened beyond four years after scrutiny assessment, the absence of any identified failure to disclose fully and truly also barred jurisdiction. On merits, additions treating share sale proceeds as unexplained credits were deleted because the assessees had already disclosed the corresponding capital gains or losses and supported the transactions with contract notes, bank and demat records, broker ledgers and tax evidence, making a further addition impermissible double addition. General investigation or SEBI material without assessee-specific linkage could not sustain a penny stock allegation. Consequential commission additions were also deleted.
Reassessment based only on Investigation Wing material was held invalid where the recorded reasons showed no independent inquiry, no tangible material and no live nexus between the information and alleged escapement; in cases reopened beyond four years after scrutiny assessment, the absence of any identified failure to disclose fully and truly also barred jurisdiction. On merits, additions treating share sale proceeds as unexplained credits were deleted because the assessees had already disclosed the corresponding capital gains or losses and supported the transactions with contract notes, bank and demat records, broker ledgers and tax evidence, making a further addition impermissible double addition. General investigation or SEBI material without assessee-specific linkage could not sustain a penny stock allegation. Consequential commission additions were also deleted.
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