Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Levy of interest u/s 234A and 234B - defaults in furnishing return of income - The Case and situation pertains to situations where the original assessment is set aside during appellate proceedings for fresh assessment. In such cases, there is contention between the Revenue and the assessee regarding whether the subsequent assessment should be considered the regular assessment or if it is still the first assessment. - Since the existing precedents failed to address the changed legal scenario and legislative amendments, the Tribunal deemed it necessary to reexamine the computation of interest under sections 234A and 234B. - Therefore, the Tribunal decided to remand the issue back to the ld. CIT(A) for fresh consideration, allowing both parties to present their arguments and considering all relevant decisions.
Levy of interest u/s 234A and 234B - defaults in furnishing return of income - The Case and situation pertains to situations where the original assessment is set aside during appellate proceedings for fresh assessment. In such cases, there is contention between the Revenue and the assessee regarding whether the subsequent assessment should be considered the regular assessment or if it is still the first assessment. - Since the existing precedents failed to address the changed legal scenario and legislative amendments, the Tribunal deemed it necessary to reexamine the computation of interest under sections 234A and 234B. - Therefore, the Tribunal decided to remand the issue back to the ld. CIT(A) for fresh consideration, allowing both parties to present their arguments and considering all relevant decisions.
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