Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
Scientific research association approval requires continuing SIRO status, annual donation reporting, and donor certificates for the approved foundatio...
Scientific research institution approval is conditional on SIRO recognition, annual donation reporting, donor certification, and prescribed compliance...
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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