Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Section 263 revision was sustained for fresh examination of interest capitalisation because the actual use of external commercial borrowings for working capital was not demonstrated and the Assessing Officer had made no enquiry; a board resolution stating the borrowing purpose was insufficient. Revision could not, however, reopen matters already examined or direct unfocused verification. Directions concerning tax deduction on interest paid to Government authorities were deleted as they amounted to a fishing or roving enquiry without an identified assessment error. Re-examination of miscellaneous expenditure and service-provider charges was also deleted because the Assessing Officer had examined the evidence and adopted a plausible view, including on the treaty's make available clause.
Section 263 revision was sustained for fresh examination of interest capitalisation because the actual use of external commercial borrowings for working capital was not demonstrated and the Assessing Officer had made no enquiry; a board resolution stating the borrowing purpose was insufficient. Revision could not, however, reopen matters already examined or direct unfocused verification. Directions concerning tax deduction on interest paid to Government authorities were deleted as they amounted to a fishing or roving enquiry without an identified assessment error. Re-examination of miscellaneous expenditure and service-provider charges was also deleted because the Assessing Officer had examined the evidence and adopted a plausible view, including on the treaty's make available clause.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
