Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Reopening of assessment u/s 147 - absence of valid approval to be obtained u/s 151 - The Appellate Tribunal noted that the approval obtained from the Additional Commissioner of Income Tax was not in accordance with the provisions of Section 151, which required approval from a higher authority after the lapse of four years from the relevant assessment year. Therefore, the Tribunal quashed the reassessment order on the grounds of the lack of valid approval, thereby allowing the appeal of the assessee.
Reopening of assessment u/s 147 - absence of valid approval to be obtained u/s 151 - The Appellate Tribunal noted that the approval obtained from the Additional Commissioner of Income Tax was not in accordance with the provisions of Section 151, which required approval from a higher authority after the lapse of four years from the relevant assessment year. Therefore, the Tribunal quashed the reassessment order on the grounds of the lack of valid approval, thereby allowing the appeal of the assessee.
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