Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
Validity of Revision u/s 263 - Admisibility of Deduction u/s 80P, Deduction from total income under chapter VI-A and business expenses - The ITAT quashed the order passed under section 263 of the Income Tax Act by the PCIT, essentially allowing the appeal in favor of the assessee. The Tribunal concluded that the AO had made the necessary inquiries and verifications, and therefore, the PCIT's revision under section 263 was not warranted.
Validity of Revision u/s 263 - Admisibility of Deduction u/s 80P, Deduction from total income under chapter VI-A and business expenses - The ITAT quashed the order passed under section 263 of the Income Tax Act by the PCIT, essentially allowing the appeal in favor of the assessee. The Tribunal concluded that the AO had made the necessary inquiries and verifications, and therefore, the PCIT's revision under section 263 was not warranted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
