Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
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.
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