Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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The National Faceless Assessment Centre (NFAC) enhanced the book profit u/s 115JB of the Income Tax Act by Rs. 1,54,79,03,84,000 and Rs. 6,13,51,23,330 without issuing a mandatory enhancement notice u/s 251(2). The Tribunal held that without issuing the enhancement notice specifically showcasing how the assessee's income should be enhanced on particular issues, the NFAC does not have statutory power to enhance the income. Consequently, the Tribunal allowed the assessee's additional grounds and directed the deletions of the additions made to the computation of book profit u/s 115JB.
The National Faceless Assessment Centre (NFAC) enhanced the book profit u/s 115JB of the Income Tax Act by Rs. 1,54,79,03,84,000 and Rs. 6,13,51,23,330 without issuing a mandatory enhancement notice u/s 251(2). The Tribunal held that without issuing the enhancement notice specifically showcasing how the assessee's income should be enhanced on particular issues, the NFAC does not have statutory power to enhance the income. Consequently, the Tribunal allowed the assessee's additional grounds and directed the deletions of the additions made to the computation of book profit u/s 115JB.
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