Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
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The ITAT Mumbai considered the validity of a rectification order u/s 154 due to a discrepancy in income computation. The issue revolved around the treatment of a withdrawn amount from the provident fund (PF) as taxable income. The assessee, an employee deriving income from salary, disclosed the withdrawn amount as exempt income in the rectified return. The tribunal found that the sum withdrawn after more than five years of service was exempt u/s 10(12) of the Income Tax Act. The lower authorities' orders were deemed unsustainable as they overlooked the facts presented in the rectification applications. Consequently, the assessing officer was directed to delete the addition of the withdrawn amount from the provident fund, ruling in favor of the assessee.
The ITAT Mumbai considered the validity of a rectification order u/s 154 due to a discrepancy in income computation. The issue revolved around the treatment of a withdrawn amount from the provident fund (PF) as taxable income. The assessee, an employee deriving income from salary, disclosed the withdrawn amount as exempt income in the rectified return. The tribunal found that the sum withdrawn after more than five years of service was exempt u/s 10(12) of the Income Tax Act. The lower authorities' orders were deemed unsustainable as they overlooked the facts presented in the rectification applications. Consequently, the assessing officer was directed to delete the addition of the withdrawn amount from the provident fund, ruling in favor of the assessee.
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