Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
ITAT quashed the addition made under s.143(3) read with s.263, as the underlying revision order by Pr. CIT under s.263 was previously set aside. The Tribunal found that AO had conducted proper inquiry regarding interest treatment during scrutiny assessment. The difference between Form 26AS and ITR amounts was explained by interest received from banks being adjusted against project expenditure in company's financial statements. The assessee's explanation was accepted by AO during original assessment. Since the foundational s.263 revision order was invalidated, the subsequent addition made pursuant to it could not sustain. ITAT vacated the addition and set aside CIT(A)'s order upholding it.
ITAT quashed the addition made under s.143(3) read with s.263, as the underlying revision order by Pr. CIT under s.263 was previously set aside. The Tribunal found that AO had conducted proper inquiry regarding interest treatment during scrutiny assessment. The difference between Form 26AS and ITR amounts was explained by interest received from banks being adjusted against project expenditure in company's financial statements. The assessee's explanation was accepted by AO during original assessment. Since the foundational s.263 revision order was invalidated, the subsequent addition made pursuant to it could not sustain. ITAT vacated the addition and set aside CIT(A)'s order upholding it.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
