Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Revision under section 263 of issues unrelated to a reassessment is subject to limitation from the original assessment order, not the reassessment order. Where reassessment was confined to alleged bogus purchases, expenditure on gifts to doctors, disallowance under section 14A, and deduction for CSR expenditure under section 80G remained matters examined in the original scrutiny assessment. Audit objections did not permit expansion of reassessment or circumvention of the statutory time limit through revision. The article notes that Supreme Court decisions in Alagendran Finance Ltd. and Industrial Development Bank of India Ltd. prevail over a contrary Tribunal view. Accordingly, the revisionary order was time-barred, quashed, and the assessee's appeal allowed.
Revision under section 263 of issues unrelated to a reassessment is subject to limitation from the original assessment order, not the reassessment order. Where reassessment was confined to alleged bogus purchases, expenditure on gifts to doctors, disallowance under section 14A, and deduction for CSR expenditure under section 80G remained matters examined in the original scrutiny assessment. Audit objections did not permit expansion of reassessment or circumvention of the statutory time limit through revision. The article notes that Supreme Court decisions in Alagendran Finance Ltd. and Industrial Development Bank of India Ltd. prevail over a contrary Tribunal view. Accordingly, the revisionary order was time-barred, quashed, and the assessee's appeal allowed.
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