Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The ITAT set aside the enhancement order issued by CIT(A) under s.251(2) regarding LTCG and denial of s.54F deduction on sale of gold, ornaments, and silver utensils. The Tribunal held that s.251(2) provisions are mandatory, requiring reasonable opportunity of show cause before enhancement, relying on precedents from SC and other ITAT benches. Despite Revenue's contention that the appellant had failed to appear when the case was called and opportunities were granted, the Tribunal determined that sufficient opportunity was not provided before enhancement. The matter was remanded for fresh adjudication on merits after providing fair opportunity of hearing to the assessee.
The ITAT set aside the enhancement order issued by CIT(A) under s.251(2) regarding LTCG and denial of s.54F deduction on sale of gold, ornaments, and silver utensils. The Tribunal held that s.251(2) provisions are mandatory, requiring reasonable opportunity of show cause before enhancement, relying on precedents from SC and other ITAT benches. Despite Revenue's contention that the appellant had failed to appear when the case was called and opportunities were granted, the Tribunal determined that sufficient opportunity was not provided before enhancement. The matter was remanded for fresh adjudication on merits after providing fair opportunity of hearing to the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
