Compromise-and-arrangement extensions may accommodate debt assignment where creditor commercial judgment supports value maximisation and avoids proced...
Delayed-payment surcharge is not taxable tolerance consideration where it penalises default, while meter testing follows electricity distribution trea...
Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Inverted-duty-structure refunds remain available for unchanged-rate apparel supplies despite trader status and require tax-period-specific computation...
Foundational assessment satisfaction is essential before initiating penalty for cash receipt of immovable-property sale consideration under section 27...
Revisionary jurisdiction under section 263 may be invoked where the assessment record gives a prima facie basis to regard an assessment as both erroneous and prejudicial to Revenue; final determination follows inquiry and hearing. A co-operative society deduction requires examination of the timely-return condition under section 80AC. Queries into cash deposits do not satisfy that obligation where they do not address the separate statutory eligibility condition, and a return furnished only after a reopening notice does not meet the prescribed filing requirement. Reassessment may examine the deduction when claimed co-operative income is offered to explain the cash deposits that prompted reopening. The revision was sustained and the appeal dismissed.
Revisionary jurisdiction under section 263 may be invoked where the assessment record gives a prima facie basis to regard an assessment as both erroneous and prejudicial to Revenue; final determination follows inquiry and hearing. A co-operative society deduction requires examination of the timely-return condition under section 80AC. Queries into cash deposits do not satisfy that obligation where they do not address the separate statutory eligibility condition, and a return furnished only after a reopening notice does not meet the prescribed filing requirement. Reassessment may examine the deduction when claimed co-operative income is offered to explain the cash deposits that prompted reopening. The revision was sustained and the appeal dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
