Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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The Tribunal held that the notice issued u/s 148 by the Jurisdictional Assessing Officer (JAO) was invalid as it should have been issued by the Faceless Assessing Officer (FAO) who conducted the assessment proceedings, relying on the Bombay High Court's decision in Hexaware Technologies Ltd. The reopening was based on incorrect information that the assessee had purchased goods from a Pvt. Ltd. company, whereas the facts revealed that the assessee had sold goods worth Rs. 85,69,197/- to same company. The Tribunal further held that the addition made u/s 68 was unjustified as the assessee had already offered the sales for taxation and had discharged its onus by producing overwhelming evidence of the sales recorded in the books of account. Consequently, the ITAT allowed the assessee's appeal.
The Tribunal held that the notice issued u/s 148 by the Jurisdictional Assessing Officer (JAO) was invalid as it should have been issued by the Faceless Assessing Officer (FAO) who conducted the assessment proceedings, relying on the Bombay High Court's decision in Hexaware Technologies Ltd. The reopening was based on incorrect information that the assessee had purchased goods from a Pvt. Ltd. company, whereas the facts revealed that the assessee had sold goods worth Rs. 85,69,197/- to same company. The Tribunal further held that the addition made u/s 68 was unjustified as the assessee had already offered the sales for taxation and had discharged its onus by producing overwhelming evidence of the sales recorded in the books of account. Consequently, the ITAT allowed the assessee's appeal.
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