Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Revision u/s 263 disallowing exemption u/s 11(1) for government grant received by assessee-Trust. ITAT concluded Principal CIT did not independently apply mind by calling office records, but acted on Assessing Officer's proposal to initiate Section 263 proceedings, rendering order liable to be set aside. ITAT based on consistency principle and absence of change in facts regarding Trust receiving government grant in earlier years accepted by Revenue for Section 11 exemption eligibility. HC found no erroneous or prejudicial assessment order u/s 143(3), dismissing appeal as no substantial question of law arose from ITAT order.
Revision u/s 263 disallowing exemption u/s 11(1) for government grant received by assessee-Trust. ITAT concluded Principal CIT did not independently apply mind by calling office records, but acted on Assessing Officer's proposal to initiate Section 263 proceedings, rendering order liable to be set aside. ITAT based on consistency principle and absence of change in facts regarding Trust receiving government grant in earlier years accepted by Revenue for Section 11 exemption eligibility. HC found no erroneous or prejudicial assessment order u/s 143(3), dismissing appeal as no substantial question of law arose from ITAT order.
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