Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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The annual retable value of the property must be determined based on the expected market rate of rent, not the actual rent received. The matter was restored to the Assessing Officer to determine the annual letable value after considering relevant factors and providing an opportunity to the assessee. Regarding expenses provisioned at the year-end and reversed at the beginning, if the payer, payee, nature of services, and liability amount are identified, tax should have been deducted. However, if the assessee paid such tax before the due date u/s 139(1), no disallowance can be made. The addition for stock shortage was deleted as the shortage amount was insignificant compared to the average stock, and such occurrences are normal in a manufacturing company. The addition for scrap sale was also deleted as it is unfair to determine the average sale per day and make an addition despite the scrap not being sold. The sale of scrap is accounted for as and when it is sold.
The annual retable value of the property must be determined based on the expected market rate of rent, not the actual rent received. The matter was restored to the Assessing Officer to determine the annual letable value after considering relevant factors and providing an opportunity to the assessee. Regarding expenses provisioned at the year-end and reversed at the beginning, if the payer, payee, nature of services, and liability amount are identified, tax should have been deducted. However, if the assessee paid such tax before the due date u/s 139(1), no disallowance can be made. The addition for stock shortage was deleted as the shortage amount was insignificant compared to the average stock, and such occurrences are normal in a manufacturing company. The addition for scrap sale was also deleted as it is unfair to determine the average sale per day and make an addition despite the scrap not being sold. The sale of scrap is accounted for as and when it is sold.
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