Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
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Assessment u/s 153A - unexplained cash credit u/s 68 - Abated assessment or not - The ITAT observed that, To recapitulate the facts of this case, original return was filed u/s 139(1) of the Act on 28.10.2009, this means that notice u/s 143(2) of the Act could be issued up to 30.09.2010 (i.e. six months from the end of the financial year in which return was filed i.e. 2009-10). The search in this case was conducted on 14.09.2010. - Accordingly, the Tribunal allowed the Revenue's appeal, stating that the assessment for the relevant year cannot be treated as abated or pending on the date of the search.
Assessment u/s 153A - unexplained cash credit u/s 68 - Abated assessment or not - The ITAT observed that, To recapitulate the facts of this case, original return was filed u/s 139(1) of the Act on 28.10.2009, this means that notice u/s 143(2) of the Act could be issued up to 30.09.2010 (i.e. six months from the end of the financial year in which return was filed i.e. 2009-10). The search in this case was conducted on 14.09.2010. - Accordingly, the Tribunal allowed the Revenue's appeal, stating that the assessment for the relevant year cannot be treated as abated or pending on the date of the search.
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