Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
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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