Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
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The Appellate Tribunal reviewed a case involving a revision u/s 263 related to deduction u/s 80P(2)(a)(i). The AO allowed interest income from FD investments as a deduction. The Tribunal noted a previous year's treatment by AO as "income from other sources" and rejection of the deduction claim. The CIT(A) later allowed the deduction for the previous year, stating the interest income was part of operational income u/s 80P(2)(a)(i). The Tribunal found the PCIT's revision u/s 263 invalid, as the interest income was deemed part of operational income due to statutory compulsions. The Assessment Order granting the deduction was upheld, and the PCIT's order u/s 263 was quashed. The appeal by the assessee was allowed.
The Appellate Tribunal reviewed a case involving a revision u/s 263 related to deduction u/s 80P(2)(a)(i). The AO allowed interest income from FD investments as a deduction. The Tribunal noted a previous year's treatment by AO as "income from other sources" and rejection of the deduction claim. The CIT(A) later allowed the deduction for the previous year, stating the interest income was part of operational income u/s 80P(2)(a)(i). The Tribunal found the PCIT's revision u/s 263 invalid, as the interest income was deemed part of operational income due to statutory compulsions. The Assessment Order granting the deduction was upheld, and the PCIT's order u/s 263 was quashed. The appeal by the assessee was allowed.
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