Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Revision u/s 263 - availing exemption u/s. 10(37) on account of compulsory acquisition of agricultural land - The case involved an appeal by the assessee against the order passed by the ld. PCIT under section 263 of the Income Tax Act, 1961. The appellant contended that the assessment order passed by the AO was not erroneous or prejudicial to the interests of revenue. After reviewing the submissions and assessment proceedings, the Tribunal found that the AO had adequately addressed the issues raised by the appellant and had correctly allowed the exemption under section 10(37) of the Act. The ITAT concluded that the invocation of section 263 by the ld. PCIT was unjustified, as there was no evidence of error or prejudice in the assessment order. Therefore, the appeal of the assessee was allowed.
Revision u/s 263 - availing exemption u/s. 10(37) on account of compulsory acquisition of agricultural land - The case involved an appeal by the assessee against the order passed by the ld. PCIT under section 263 of the Income Tax Act, 1961. The appellant contended that the assessment order passed by the AO was not erroneous or prejudicial to the interests of revenue. After reviewing the submissions and assessment proceedings, the Tribunal found that the AO had adequately addressed the issues raised by the appellant and had correctly allowed the exemption under section 10(37) of the Act. The ITAT concluded that the invocation of section 263 by the ld. PCIT was unjustified, as there was no evidence of error or prejudice in the assessment order. Therefore, the appeal of the assessee was allowed.
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