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...
Enhancement of assessment - Power of CIT(A) u/s 251(2) - addition u/s 56(2)(vii) - The appellant had received Rs. 25,00,000 as a security deposit from a developer, the amount was subsequently repaid - Providing / granting the appellant a reasonable opportunity to present their case against the enhancement - The Tribunal deemed this non-compliance as an irregularity rather than an illegality. However, the Tribunal decided to review the addition made under section 56(2)(vii) of the Act. It was determined that since the deposit received by the appellant was not without consideration, being related to a development agreement, the addition was not sustainable. Therefore, the appeal was allowed, and the impugned additions were directed to be deleted.
Enhancement of assessment - Power of CIT(A) u/s 251(2) - addition u/s 56(2)(vii) - The appellant had received Rs. 25,00,000 as a security deposit from a developer, the amount was subsequently repaid - Providing / granting the appellant a reasonable opportunity to present their case against the enhancement - The Tribunal deemed this non-compliance as an irregularity rather than an illegality. However, the Tribunal decided to review the addition made under section 56(2)(vii) of the Act. It was determined that since the deposit received by the appellant was not without consideration, being related to a development agreement, the addition was not sustainable. Therefore, the appeal was allowed, and the impugned additions were directed to be deleted.
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