Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Assessee received funds from four parties, which were not considered by the Assessing Officer (AO) during assessment proceedings u/s 147 read with Section 144. The Principal Commissioner of Income Tax (PCIT) cancelled the assessment framed by AO and directed to frame assessment afresh after verifying the funds received. However, the Appellate Tribunal held that the assessment framed by AO cannot be considered erroneous or prejudicial to the revenue's interest as the AO was unaware of these funds during assessment proceedings. Invoking Section 263 by PCIT is invalid as per the Supreme Court's judgment in Malabar Industries Limited case, which mandates that for invoking Section 263, the assessment order must be erroneous and prejudicial to revenue's interest. Assessee's appeal allowed.
Assessee received funds from four parties, which were not considered by the Assessing Officer (AO) during assessment proceedings u/s 147 read with Section 144. The Principal Commissioner of Income Tax (PCIT) cancelled the assessment framed by AO and directed to frame assessment afresh after verifying the funds received. However, the Appellate Tribunal held that the assessment framed by AO cannot be considered erroneous or prejudicial to the revenue's interest as the AO was unaware of these funds during assessment proceedings. Invoking Section 263 by PCIT is invalid as per the Supreme Court's judgment in Malabar Industries Limited case, which mandates that for invoking Section 263, the assessment order must be erroneous and prejudicial to revenue's interest. Assessee's appeal allowed.
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