Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
The Commissioner's invocation of Section 263 for revision of the assessment order was unjustified as the twin conditions of the order being erroneous and prejudicial to revenue interests were not satisfied. The Assessing Officer had issued a specific show cause notice regarding treatment of excess stock as unexplained investment u/s 69, which the assessee explained, and the AO accepted one of the possible views. The ITAT rightly held that the AO's order, passed after due inquiry, was not erroneous or prejudicial to revenue interests, thereby setting aside the Commissioner's revisionary action u/s 263. The decision favored the assessee.
The Commissioner's invocation of Section 263 for revision of the assessment order was unjustified as the twin conditions of the order being erroneous and prejudicial to revenue interests were not satisfied. The Assessing Officer had issued a specific show cause notice regarding treatment of excess stock as unexplained investment u/s 69, which the assessee explained, and the AO accepted one of the possible views. The ITAT rightly held that the AO's order, passed after due inquiry, was not erroneous or prejudicial to revenue interests, thereby setting aside the Commissioner's revisionary action u/s 263. The decision favored the assessee.
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