Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
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Revision u/s 263 - The inquiry made by the AO pertained to the issue as regards the valuation of opening and closing WIP of the assessee’s project and determination of the cost of sale of the same. - We are unable to comprehend as to on what basis it is canvassed by the ld. A.R that the A.O while framing the assessment, had queried, on the issue as to whether or not the ALV of the unsold flats was to be assessed under the head ‘house property’. - CIT had rightly invoked his jurisdiction under Sec. 263 of the Act and ‘set aside’ the assessment order with a direction to the A.O to pass a fresh order - AT
Revision u/s 263 - The inquiry made by the AO pertained to the issue as regards the valuation of opening and closing WIP of the assessee’s project and determination of the cost of sale of the same. - We are unable to comprehend as to on what basis it is canvassed by the ld. A.R that the A.O while framing the assessment, had queried, on the issue as to whether or not the ALV of the unsold flats was to be assessed under the head ‘house property’. - CIT had rightly invoked his jurisdiction under Sec. 263 of the Act and ‘set aside’ the assessment order with a direction to the A.O to pass a fresh order - AT
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