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, an Appellate Tribunal, addressed the issue of denial of exemption u/s 11 due to a violation u/s 13(1)(c)(ii) involving an interest-free advance to a 'specified person' u/s 13(3). The assessee had made an advance to Divine Real Build Pvt. Ltd. for a land purchase agreement, intending to increase FAR with DDA. The AO found the land to be agricultural with no construction permission. The AR argued that crucial documents supporting the assessee's intentions were not available earlier. The ITAT allowed admission of these documents for fair adjudication, remitting the issue back to the AO for fresh consideration in both assessment years. The assessee's appeal was partly allowed for statistical purposes.
The ITAT, an Appellate Tribunal, addressed the issue of denial of exemption u/s 11 due to a violation u/s 13(1)(c)(ii) involving an interest-free advance to a 'specified person' u/s 13(3). The assessee had made an advance to Divine Real Build Pvt. Ltd. for a land purchase agreement, intending to increase FAR with DDA. The AO found the land to be agricultural with no construction permission. The AR argued that crucial documents supporting the assessee's intentions were not available earlier. The ITAT allowed admission of these documents for fair adjudication, remitting the issue back to the AO for fresh consideration in both assessment years. The assessee's appeal was partly allowed for statistical purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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