Independent manufacturing undertaking eligibility preserves Section 80IA/80IB deductions, while machinery kept ready for use qualifies for depreciatio...
Assessing Officer Satisfaction Requirement Bars Penalty for Cash Receipt in Immovable-Property Sale Cases Where Initiation Lacks Recorded Satisfaction...
Self-assessed import entries remain appealable, while bona fide classification disputes without misdeclaration cannot justify confiscation or penaltie...
Actual-user customs exemption conditions permit turnkey project transfers when imported windmill components are exclusively used for installation and ...
Customs offence disqualification excludes civil contraventions, preventing refusal of a private bonded warehouse licence based solely on monetary pena...
The ITAT Delhi held that the CIT(A) erred in not conducting a proper enquiry into the unexplained credit u/s 68. The AO and CIT(A) have a duty to investigate thoroughly. The CIT(A) should not have dismissed the AO's concerns without further enquiry. The creditworthiness of the share applicant was not proven, and the CIT(A) failed to consider vital aspects. The order of the CIT(A) was set aside for proper re-examination. Section 251 grants wide powers to the CIT(A) to enhance assessments. The CIT(A) has extraordinary powers to examine all aspects of an issue. The CIT(A) should have conducted necessary inquiries to determine taxability accurately. The appeal of the Revenue was allowed for statistical purposes.
The ITAT Delhi held that the CIT(A) erred in not conducting a proper enquiry into the unexplained credit u/s 68. The AO and CIT(A) have a duty to investigate thoroughly. The CIT(A) should not have dismissed the AO's concerns without further enquiry. The creditworthiness of the share applicant was not proven, and the CIT(A) failed to consider vital aspects. The order of the CIT(A) was set aside for proper re-examination. Section 251 grants wide powers to the CIT(A) to enhance assessments. The CIT(A) has extraordinary powers to examine all aspects of an issue. The CIT(A) should have conducted necessary inquiries to determine taxability accurately. The appeal of the Revenue was allowed for statistical purposes.
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TaxTMI 
TaxTMI 
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