Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Scope of rectification u/s 154 - Allowing the rectification application CIT(A) admitted the claim of expenditure - The ITAT concluded that the question of comparables in the appellant's business line involved subjective adjudication and detailed inquiries, which were beyond the scope of rectification proceedings under Section 154. Citing the precedent set by the Supreme Court, the ITAT emphasized that rectification is meant for correcting apparent mistakes on record, not for conducting detailed investigations. - The Revenue's appeal was allowed on the grounds that the appellant's rectification was not maintainable, as the Assessing Officer's findings had not been reversed by the NFAC.
Scope of rectification u/s 154 - Allowing the rectification application CIT(A) admitted the claim of expenditure - The ITAT concluded that the question of comparables in the appellant's business line involved subjective adjudication and detailed inquiries, which were beyond the scope of rectification proceedings under Section 154. Citing the precedent set by the Supreme Court, the ITAT emphasized that rectification is meant for correcting apparent mistakes on record, not for conducting detailed investigations. - The Revenue's appeal was allowed on the grounds that the appellant's rectification was not maintainable, as the Assessing Officer's findings had not been reversed by the NFAC.
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