Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Page of 4809
Press 'Enter' after typing page number.
1141 to 1160 of 96177 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
