SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
The High Court considered the validity of reopening an assessment based on excess funds not being part of an "approved refund" and thus subject to taxation. The Court noted that the approval to hold the fund was withdrawn only from the date of the order, not before. The Tribunal found that the withdrawal of approval would only take effect from the date of the order, not earlier. Therefore, the notice issued for reopening the assessment was deemed invalid as the approval was still in effect at the time. The Tribunal rightly set aside the notice and subsequent reassessment order due to the lack of communication regarding the withdrawal of approval by the Commissioner.
The High Court considered the validity of reopening an assessment based on excess funds not being part of an "approved refund" and thus subject to taxation. The Court noted that the approval to hold the fund was withdrawn only from the date of the order, not before. The Tribunal found that the withdrawal of approval would only take effect from the date of the order, not earlier. Therefore, the notice issued for reopening the assessment was deemed invalid as the approval was still in effect at the time. The Tribunal rightly set aside the notice and subsequent reassessment order due to the lack of communication regarding the withdrawal of approval by the Commissioner.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
