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    August 4, 2026   Case LawsIncome Tax
    Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
    August 4, 2026   Case LawsIncome Tax
    Documented funding sources and pending valuation reference defeat unexplained investment and stamp-duty differential additions for property purchases.
    August 4, 2026   Case LawsIncome Tax
    Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
    August 4, 2026   Case LawsIncome Tax
    Carry-forward of losses remains available to educational trusts assessed as Associations of Persons despite absent charitable registration.
    August 4, 2026   Case LawsIncome Tax
    Unexercised stock option repurchase constitutes transfer of a capital asset and is taxable as long-term capital gains.
    August 4, 2026   Case LawsIncome Tax
    Permanent establishment taxation addresses head-office interest, arm's length guarantees, capital hedges, refund interest, and treaty tax ceilings.
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    Satellite transponder services are not royalty where customers receive communications without rights to use equipment or processes.
    August 4, 2026   Case LawsIncome Tax
    Competent authority approval after three years is jurisdictional; reassessment based on invalid sanction is void from inception.
    August 4, 2026   Case LawsCustoms
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    August 4, 2026   Case LawsCustoms
    Customs Broker due diligence requires evidence of knowledge or collusion before liability for an importer's misdeclaration arises.
    August 4, 2026   Case LawsCustoms
    Misdeclaration of imported goods requires supporting evidence, while redemption fine depends on market price and profit margin determination.
    August 4, 2026   Case LawsCustoms
    Objective characteristics govern magnesium bis-glycinate chelate classification as an amino-acid coordination compound, not a food preparation or anti...
    August 4, 2026   Case LawsCompanies Law
    Independent professional certification requires pleaded knowledge or complicity for criminal liability; untimely complaints remain barred by limitatio...
    August 4, 2026   Case LawsFEMA
    Proof of software import is essential for foreign-exchange remittances, and responsible officers may incur vicarious FEMA liability.
    August 4, 2026   Case LawsFEMA
    FEMA compliance turns on valid approval, substantive escrow arrangements, officer due diligence, and residential status for repatriation duties.
    August 4, 2026   Case LawsService Tax
    Examination-related service exemption covers integral services provided to schools, defeating tax demand, extended limitation and penalties.
    August 4, 2026   Case LawsService Tax
    Agreement to tolerate an act requires a separate contract, so retained insurance premiums escape service tax.
    August 4, 2026   Case LawsIndian Laws
    Vicarious cheque dishonour liability cannot arise from family ties where the accused neither drew nor maintained the account.
    August 3, 2026   NotificationsCustoms
    Customs tariff values for edible oils, metals and areca nuts are revised through substituted valuation tables effective August 2026.
    August 3, 2026   NotificationsCustoms
    Customs handling authorisation expands to Umarwada, Ankleshwar, Bharuch for unloading imports and loading export goods at an Inland Container Depot.
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    August 4, 2026   Case Laws Income Tax
    Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business income.
    August 4, 2026   Case Laws Income Tax
    Documented funding sources and pending valuation reference defeat unexplained investment and stamp-duty differential additions for property purchases.
    August 4, 2026   Case Laws Income Tax
    Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh benchmarking.
    August 4, 2026   Case Laws Income Tax
    Carry-forward of losses remains available to educational trusts assessed as Associations of Persons despite absent charitable registration.
    August 4, 2026   Case Laws Income Tax
    Unexercised stock option repurchase constitutes transfer of a capital asset and is taxable as long-term capital gains.
    August 4, 2026   Case Laws Income Tax
    Permanent establishment taxation addresses head-office interest, arm's length guarantees, capital hedges, refund interest, and treaty tax ceilings.
    August 4, 2026   Case Laws Income Tax
    Satellite transponder services are not royalty where customers receive communications without rights to use equipment or processes.
    August 4, 2026   Case Laws Income Tax
    Competent authority approval after three years is jurisdictional; reassessment based on invalid sanction is void from inception.
    August 4, 2026   Case Laws Customs
    Customs valuation and anti-dumping duty disputes must be appealed to the Supreme Court, not the High Court.
    August 4, 2026   Case Laws Customs
    Customs Broker due diligence requires evidence of knowledge or collusion before liability for an importer's misdeclaration arises.
    August 4, 2026   Case Laws Customs
    Misdeclaration of imported goods requires supporting evidence, while redemption fine depends on market price and profit margin determination.
    August 4, 2026   Case Laws Customs
    Objective characteristics govern magnesium bis-glycinate chelate classification as an amino-acid coordination compound, not a food preparation or antibiotic.
    August 4, 2026   Case Laws Companies Law
    Independent professional certification requires pleaded knowledge or complicity for criminal liability; untimely complaints remain barred by limitation.
    August 4, 2026   Case Laws FEMA
    Proof of software import is essential for foreign-exchange remittances, and responsible officers may incur vicarious FEMA liability.
    August 4, 2026   Case Laws FEMA
    FEMA compliance turns on valid approval, substantive escrow arrangements, officer due diligence, and residential status for repatriation duties.
    August 4, 2026   Case Laws Service Tax
    Examination-related service exemption covers integral services provided to schools, defeating tax demand, extended limitation and penalties.
    August 4, 2026   Case Laws Service Tax
    Agreement to tolerate an act requires a separate contract, so retained insurance premiums escape service tax.
    August 4, 2026   Case Laws Indian Laws
    Vicarious cheque dishonour liability cannot arise from family ties where the accused neither drew nor maintained the account.
    August 3, 2026   Notifications Customs
    Customs tariff values for edible oils, metals and areca nuts are revised through substituted valuation tables effective August 2026.
    August 3, 2026   Notifications Customs
    Customs handling authorisation expands to Umarwada, Ankleshwar, Bharuch for unloading imports and loading export goods at an Inland Container Depot.

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      Home› Highlights › Income Tax › 2025 › February, 2025 › This
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      Income Tax

      CIT(E) exercised revisionary powers under s.263 due to AO's...

      Commissioner Revises Assessment Under Section 263 After Officer Failed to Investigate Suspicious Machinery Payment Through Employee

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      Income TaxFebruary 25, 2025Case LawsAT
      CIT(E) exercised revisionary powers under s.263 due to AO's failure to investigate payments for machinery supplied through an employee. Despite receiving specific information, AO made no inquiries regarding a notarized tripartite MoU involving M/s. Aarti Enterprises and Dr. M.S. Hiremath, making the assessment order erroneous and prejudicial to revenue interests. ITAT rejected assessee's contention that tax exemptions under ss.12AA and 10(23C)(via) nullified revenue prejudice, holding that potential impact could only be determined after proper examination. The tribunal upheld CIT(E)'s jurisdiction under s.263, finding sufficient grounds for revision, and dismissed assessee's appeal.
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