Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Assessee trust formed on 02.09.2014 but granted registration u/s 12AA from AY 2016-17 onwards. For AY 2015-16, exemption u/s 11 denied due to lack of registration. Relying on precedents, it was held that where registration is granted during pendency of appeal, benefit of Section 11 cannot be denied for the year under consideration. CIT(A)'s observations regarding applicability of Section 13 to loans/advances given to spouses of Principal/Administrator expunged, as provisions of Section 13(3)(cc) do not extend to manager/spouse of trust. CIT(A)'s enhancement of income by crediting Amalgamation Fund and Building Fund set aside, as assessee applied more than 85% of receipts for charitable objects, satisfying conditions for Section 11 exemption. CIT(A) exceeded enhancement powers by directing assessment on new source of income.
Assessee trust formed on 02.09.2014 but granted registration u/s 12AA from AY 2016-17 onwards. For AY 2015-16, exemption u/s 11 denied due to lack of registration. Relying on precedents, it was held that where registration is granted during pendency of appeal, benefit of Section 11 cannot be denied for the year under consideration. CIT(A)'s observations regarding applicability of Section 13 to loans/advances given to spouses of Principal/Administrator expunged, as provisions of Section 13(3)(cc) do not extend to manager/spouse of trust. CIT(A)'s enhancement of income by crediting Amalgamation Fund and Building Fund set aside, as assessee applied more than 85% of receipts for charitable objects, satisfying conditions for Section 11 exemption. CIT(A) exceeded enhancement powers by directing assessment on new source of income.
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TaxTMI 
TaxTMI 
of 4918 
