Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
The Calcutta High Court reviewed a case involving a revision u/s 263 regarding the addition u/s 68 for a purportedly bogus claim of exemption of Long Term Capital Gain from the sale of shares of a penny stock. The Principal Commissioner of Income Tax (PCIT) found the assessment to be prima facie erroneous and prejudicial to revenue, leading to the issuance of a show cause notice. The PCIT independently evaluated the assessment records, concluding that the assessing officer should have treated the credit as bogus and disallowed the exemption u/s 10(38). The High Court differentiated this case from a previous ruling involving Sinhotia Metals and Minerals Pvt. Ltd., emphasizing that the PCIT's decision was valid in this context. The Court overturned the Tribunal's decision, reinstating the PCIT's order u/s 263.
The Calcutta High Court reviewed a case involving a revision u/s 263 regarding the addition u/s 68 for a purportedly bogus claim of exemption of Long Term Capital Gain from the sale of shares of a penny stock. The Principal Commissioner of Income Tax (PCIT) found the assessment to be prima facie erroneous and prejudicial to revenue, leading to the issuance of a show cause notice. The PCIT independently evaluated the assessment records, concluding that the assessing officer should have treated the credit as bogus and disallowed the exemption u/s 10(38). The High Court differentiated this case from a previous ruling involving Sinhotia Metals and Minerals Pvt. Ltd., emphasizing that the PCIT's decision was valid in this context. The Court overturned the Tribunal's decision, reinstating the PCIT's order u/s 263.
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