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...
For assessment years beginning on or before 1 April 2021, the first proviso to section 149(1) preserves the pre-Finance Act 2021 limitation for reassessment notices. The note states that a notice for AY 2016-17 issued after the earlier six-year period was time-barred, rendering the reassessment and consequential assessment invalid. It further addresses additions under section 68 on sale proceeds of unquoted shares: where acquisition, holding and sale were supported by banking records, balance-sheet disclosures, sale bills and purchaser confirmations, and no evidence linked the assessee to an alleged cash trail, sale proceeds could not be treated as unexplained cash credit. An ad hoc profit addition without substantive material was also deleted.
For assessment years beginning on or before 1 April 2021, the first proviso to section 149(1) preserves the pre-Finance Act 2021 limitation for reassessment notices. The note states that a notice for AY 2016-17 issued after the earlier six-year period was time-barred, rendering the reassessment and consequential assessment invalid. It further addresses additions under section 68 on sale proceeds of unquoted shares: where acquisition, holding and sale were supported by banking records, balance-sheet disclosures, sale bills and purchaser confirmations, and no evidence linked the assessee to an alleged cash trail, sale proceeds could not be treated as unexplained cash credit. An ad hoc profit addition without substantive material was also deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
