Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Adjustment made u/s 115JB in Rectification order u/s 154 - Debatable issue - addition of surrendered income by the assessee was included in the book profit of the assessee as per Section 115JB - The Revenue argued that the disclosed income should be considered as part of the book profit for tax calculation purposes. However, the respondent contended that the inclusion of this income required extensive debate and was not supported by incriminating material found during the survey. The Tribunal agreed with the respondent, concluding that the Assessing Officer's action under Section 154 was unwarranted due to the debatable nature of the issue. Consequently, the Tribunal dismissed the appeal of the Revenue.
Adjustment made u/s 115JB in Rectification order u/s 154 - Debatable issue - addition of surrendered income by the assessee was included in the book profit of the assessee as per Section 115JB - The Revenue argued that the disclosed income should be considered as part of the book profit for tax calculation purposes. However, the respondent contended that the inclusion of this income required extensive debate and was not supported by incriminating material found during the survey. The Tribunal agreed with the respondent, concluding that the Assessing Officer's action under Section 154 was unwarranted due to the debatable nature of the issue. Consequently, the Tribunal dismissed the appeal of the Revenue.
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