Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income applicati...
India-UK treaty characterisation of telecom-service receipts as business profits withstands unilateral domestic-law amendments for Indian tax purposes...
Transfer-pricing reimbursement adjustments require uncontrolled comparables and cannot become expense-genuineness reviews, resulting in deletion of th...
Food import sampling requirements support provisional release where unseized consignments conform to standards and raw areca classification is unestab...
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The AO's order was not erroneous or prejudicial to the revenue's interests. The filing fee for increasing share capital was rightly allowed as revenue expenditure, supported by audited financials and judicial precedent. The AO examined the revised computation, disallowed deduction u/s 35ABB after due application of mind, and passed the assessment order at the originally returned income. The PCIT's revision u/s 263, deeming the AO's order erroneous and prejudicial, is unjustified and quashed. The assessee's appeal is allowed.
The AO's order was not erroneous or prejudicial to the revenue's interests. The filing fee for increasing share capital was rightly allowed as revenue expenditure, supported by audited financials and judicial precedent. The AO examined the revised computation, disallowed deduction u/s 35ABB after due application of mind, and passed the assessment order at the originally returned income. The PCIT's revision u/s 263, deeming the AO's order erroneous and prejudicial, is unjustified and quashed. The assessee's appeal is allowed.
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