Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Excess work in progress detected during survey was accepted by assessee as income u/s 69B, taxable at 30%. Assessee claimed such income as part of closing stock to be allowed as deduction in next assessment year 2016-17. ITAT allowed assessee's claim, holding that income u/s 69B forms part of closing stock and can be claimed as deduction in next year, unlike Section 69C. Regarding deduction u/s 80IA for windmill units, ITAT followed CBDT Circular and its own earlier order treating each windmill as separate undertaking for Section 80IA deduction.
Excess work in progress detected during survey was accepted by assessee as income u/s 69B, taxable at 30%. Assessee claimed such income as part of closing stock to be allowed as deduction in next assessment year 2016-17. ITAT allowed assessee's claim, holding that income u/s 69B forms part of closing stock and can be claimed as deduction in next year, unlike Section 69C. Regarding deduction u/s 80IA for windmill units, ITAT followed CBDT Circular and its own earlier order treating each windmill as separate undertaking for Section 80IA deduction.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4921 
