Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
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...
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Revision u/s 263 by CIT - The Appellate Tribunal found that the PCIT's assumption of jurisdiction under Section 263 was not justified. It observed that the assessment order was not erroneous, as the Assessing Officer had accepted the returned income and made no additions based on the reasons recorded for reopening the assessment. Therefore, the Tribunal set aside the PCIT's order and restored that of the Assessing Officer.
Revision u/s 263 by CIT - The Appellate Tribunal found that the PCIT's assumption of jurisdiction under Section 263 was not justified. It observed that the assessment order was not erroneous, as the Assessing Officer had accepted the returned income and made no additions based on the reasons recorded for reopening the assessment. Therefore, the Tribunal set aside the PCIT's order and restored that of the Assessing Officer.
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