Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
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.
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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