Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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