Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Revision u/s 263 - The Tribunal observed that for invoking the provision of section 263 of the Act, twin conditions must be satisfied: the order should be erroneous and prejudicial to the interest of Revenue. If the AO adopts one of the plausible views, no prejudice would be caused. - In this case, the redemption of units of Bajaj Alliance and the claim of it as capital gain were made, which is amenable to capital gain tax under section 45 of the Act. - Consequently, the tribunal set aside the impugned order, restoring the findings of the AO.
Revision u/s 263 - The Tribunal observed that for invoking the provision of section 263 of the Act, twin conditions must be satisfied: the order should be erroneous and prejudicial to the interest of Revenue. If the AO adopts one of the plausible views, no prejudice would be caused. - In this case, the redemption of units of Bajaj Alliance and the claim of it as capital gain were made, which is amenable to capital gain tax under section 45 of the Act. - Consequently, the tribunal set aside the impugned order, restoring the findings of the AO.
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