Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
The ITAT quashed the order passed by the Principal Commissioner of Income Tax (PCIT) u/s 263 of the Income Tax Act. The assessee was eligible for deduction u/s 54EC as the land was used for agricultural purposes in the preceding two years before its sale, as evident from the 7/12 extracts. The ITAT held that the Assessing Officer's conclusion accepting the assessee's claim was reasonable and not erroneous, and the PCIT failed to establish that the order was prejudicial to the Revenue's interests. The reference to the Valuation Officer was not mandatory, and the PCIT lacked authority to direct such a reference. The ITAT ruled in favor of the assessee, allowing the grounds raised.
The ITAT quashed the order passed by the Principal Commissioner of Income Tax (PCIT) u/s 263 of the Income Tax Act. The assessee was eligible for deduction u/s 54EC as the land was used for agricultural purposes in the preceding two years before its sale, as evident from the 7/12 extracts. The ITAT held that the Assessing Officer's conclusion accepting the assessee's claim was reasonable and not erroneous, and the PCIT failed to establish that the order was prejudicial to the Revenue's interests. The reference to the Valuation Officer was not mandatory, and the PCIT lacked authority to direct such a reference. The ITAT ruled in favor of the assessee, allowing the grounds raised.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
