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...
Section 13(1)(b) is inapplicable to trusts created before 1961. The assessee trust was established in 1937, prior to the Income Tax Act, 1961. Despite being created for a particular community, section 13(1)(b) cannot deny registration as it applies only to trusts formed after 1961's commencement. The CIT(E) erred in denying registration on this ground. Registration should be granted if other conditions u/s 12AB and Rule 17A are met. The appeal is treated as allowed for statistical purposes.
Section 13(1)(b) is inapplicable to trusts created before 1961. The assessee trust was established in 1937, prior to the Income Tax Act, 1961. Despite being created for a particular community, section 13(1)(b) cannot deny registration as it applies only to trusts formed after 1961's commencement. The CIT(E) erred in denying registration on this ground. Registration should be granted if other conditions u/s 12AB and Rule 17A are met. The appeal is treated as allowed for statistical purposes.
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TaxTMI 
TaxTMI 
of 4918 
