Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
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The ITAT held that the order passed u/s 263 by the PCIT was in gross violation of the principles of natural justice. The Tribunal observed that the order disregarded the assessee's legal and factual submissions without any discussion or rebuttal, rendering the proceedings a mere formality. Furthermore, the Tribunal noted that the assessee had opted for the Vivad se Vishwas scheme, paid the due taxes, and provided judicial precedents supporting their claim for deduction u/s 10AA. The Assessing Officer, after considering the submissions, took a legally plausible view and did not disturb the deduction claim. The Tribunal also highlighted that several precedents have held that once an assessee opts for the Vivad se Vishwas scheme and pays taxes, the tax proceedings for that year cannot be re-agitated through Section 263 proceedings. Considering it was the ninth year of the deduction claim and the principle of consistency, the Tribunal ruled in favor of the assessee, setting aside the order passed u/s 263.
The ITAT held that the order passed u/s 263 by the PCIT was in gross violation of the principles of natural justice. The Tribunal observed that the order disregarded the assessee's legal and factual submissions without any discussion or rebuttal, rendering the proceedings a mere formality. Furthermore, the Tribunal noted that the assessee had opted for the Vivad se Vishwas scheme, paid the due taxes, and provided judicial precedents supporting their claim for deduction u/s 10AA. The Assessing Officer, after considering the submissions, took a legally plausible view and did not disturb the deduction claim. The Tribunal also highlighted that several precedents have held that once an assessee opts for the Vivad se Vishwas scheme and pays taxes, the tax proceedings for that year cannot be re-agitated through Section 263 proceedings. Considering it was the ninth year of the deduction claim and the principle of consistency, the Tribunal ruled in favor of the assessee, setting aside the order passed u/s 263.
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