Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
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Validity of reopening of assessment - reasons to believe - The Appellate Tribunal scrutinized the reasons recorded for the reopening of the assessment and found several discrepancies. Firstly, it was noted that the AO incorrectly stated that the assessee claimed expenses on the amortization of goodwill, which was contradicted by the assessee's computation of total income and balance sheet. Additionally, the Tribunal observed that the AO overlooked the previous assessment completed under section 143(3) r.w.s. 153C of the Act. The Tribunal concluded that the reopening of the assessment was invalid and without jurisdiction. Consequently, the Tribunal allowed the appeal of the assessee on legal grounds.
Validity of reopening of assessment - reasons to believe - The Appellate Tribunal scrutinized the reasons recorded for the reopening of the assessment and found several discrepancies. Firstly, it was noted that the AO incorrectly stated that the assessee claimed expenses on the amortization of goodwill, which was contradicted by the assessee's computation of total income and balance sheet. Additionally, the Tribunal observed that the AO overlooked the previous assessment completed under section 143(3) r.w.s. 153C of the Act. The Tribunal concluded that the reopening of the assessment was invalid and without jurisdiction. Consequently, the Tribunal allowed the appeal of the assessee on legal grounds.
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