Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
The ITAT dealt with a case involving a Revision u/s 263. The PCIT alleged that the AO did not inquire into cash deposits during demonetization or non-disclosure of income from scrap sales. However, the ITAT found that the AO had conducted proper inquiries based on assessment records, notices issued u/s 142(1), and replies from the assessee. The PCIT's allegations were deemed unfounded as the assessment order was not erroneous or prejudicial to revenue. The ITAT emphasized that invoking section 263 requires meeting specific conditions and that the revisionary authority cannot act arbitrarily. The decision favored the assessee due to lack of evidence supporting the PCIT's allegations.
The ITAT dealt with a case involving a Revision u/s 263. The PCIT alleged that the AO did not inquire into cash deposits during demonetization or non-disclosure of income from scrap sales. However, the ITAT found that the AO had conducted proper inquiries based on assessment records, notices issued u/s 142(1), and replies from the assessee. The PCIT's allegations were deemed unfounded as the assessment order was not erroneous or prejudicial to revenue. The ITAT emphasized that invoking section 263 requires meeting specific conditions and that the revisionary authority cannot act arbitrarily. The decision favored the assessee due to lack of evidence supporting the PCIT's allegations.
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