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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...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
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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