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...
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Revision u/s 263 involving excess deduction of transport expenses and non-deduction of TDS on transportation charges. CIT held AO failed to verify adequately, rendering assessment order erroneous and prejudicial to Revenue's interests. ITAT examined AO's verification of Form 26Q, quarterly returns in Form 27A, quarter-wise details of transporters from whom TDS was deducted and those not liable u/s 194C(6). Assessee provided explanations before AO and CIT, but CIT set aside order without examining explanations or pointing out defects. ITAT found CIT's observations regarding lack of inquiry factually incorrect. u/s 263, CIT was required to inquire as deemed necessary and examine assessee's reply to form prima facie opinion on order's erroneousness prejudicing Revenue's interests. AO examined issues during assessment proceedings. Without counter-questioning assessee or considering submissions, CIT was unjustified in setting aside order merely stating more inquiries needed. CIT's order u/s 263 unsustainable, quashed by ITAT. Assessee's appeal allowed.
Revision u/s 263 involving excess deduction of transport expenses and non-deduction of TDS on transportation charges. CIT held AO failed to verify adequately, rendering assessment order erroneous and prejudicial to Revenue's interests. ITAT examined AO's verification of Form 26Q, quarterly returns in Form 27A, quarter-wise details of transporters from whom TDS was deducted and those not liable u/s 194C(6). Assessee provided explanations before AO and CIT, but CIT set aside order without examining explanations or pointing out defects. ITAT found CIT's observations regarding lack of inquiry factually incorrect. u/s 263, CIT was required to inquire as deemed necessary and examine assessee's reply to form prima facie opinion on order's erroneousness prejudicing Revenue's interests. AO examined issues during assessment proceedings. Without counter-questioning assessee or considering submissions, CIT was unjustified in setting aside order merely stating more inquiries needed. CIT's order u/s 263 unsustainable, quashed by ITAT. Assessee's appeal allowed.
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