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...
The assessee challenged the addition made u/s 69A for non-payment of advance tax, claiming the assessment proceedings were initiated based on wrong information. The Tribunal, being the final fact-finding authority, examined the material and found that the Assessing Officer erroneously initiated proceedings u/s 148, assuming the assessee had purchased an immovable property for Rs. 45 lakhs from Shri Madhava Gatti. However, the assessee produced the sale deed showing the purchase was from Mr. Madhava Gatti for Rs. 31 lakhs and provided the source of funds as a loan from Vijaya Bank. Consequently, the Tribunal held that the basis for the addition did not survive and deleted the addition made by the Assessing Officer u/s 69A, allowing the assessee's appeal.
The assessee challenged the addition made u/s 69A for non-payment of advance tax, claiming the assessment proceedings were initiated based on wrong information. The Tribunal, being the final fact-finding authority, examined the material and found that the Assessing Officer erroneously initiated proceedings u/s 148, assuming the assessee had purchased an immovable property for Rs. 45 lakhs from Shri Madhava Gatti. However, the assessee produced the sale deed showing the purchase was from Mr. Madhava Gatti for Rs. 31 lakhs and provided the source of funds as a loan from Vijaya Bank. Consequently, the Tribunal held that the basis for the addition did not survive and deleted the addition made by the Assessing Officer u/s 69A, allowing the assessee's appeal.
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