Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Interest income on tax refund, though required to be reported under 'income from other sources', was erroneously shown as business income by assessee firm. Despite incorrect classification, assessee paid tax at applicable rate. No loss to exchequer occurred. Addition for interest income on refund treated as business income deserves deletion, as tax was duly paid, notwithstanding incorrect head of income.
Interest income on tax refund, though required to be reported under 'income from other sources', was erroneously shown as business income by assessee firm. Despite incorrect classification, assessee paid tax at applicable rate. No loss to exchequer occurred. Addition for interest income on refund treated as business income deserves deletion, as tax was duly paid, notwithstanding incorrect head of income.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
