Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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