Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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Revision u/s 263 - debatable issue - taxability of interest received by the Assessee on the enhanced compensation u/s 28 of the Land Acquisition Act - The Appellate Tribunal examined the issues raised and found that the initiation of proceedings under section 263 lacked merit, as the order passed under section 154 of the Act rectifying the mistake apparent from the record was valid. Moreover, the Tribunal recognized the debatable nature of the taxability issue and emphasized that when two plausible views exist, the jurisdictional PCIT cannot assume jurisdiction under section 263 of the Act.
Revision u/s 263 - debatable issue - taxability of interest received by the Assessee on the enhanced compensation u/s 28 of the Land Acquisition Act - The Appellate Tribunal examined the issues raised and found that the initiation of proceedings under section 263 lacked merit, as the order passed under section 154 of the Act rectifying the mistake apparent from the record was valid. Moreover, the Tribunal recognized the debatable nature of the taxability issue and emphasized that when two plausible views exist, the jurisdictional PCIT cannot assume jurisdiction under section 263 of the Act.
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