Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Objective characteristics govern magnesium bis-glycinate chelate classification as an amino-acid coordination compound, not a food preparation or anti...
Page of 4803
Press 'Enter' after typing page number.
581 to 600 of 96046 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The ITAT allowed the assessee's appeal against the PCIT's revision order under s. 263 directing addition under s. 56(2)(vii)(b) for difference between stamp duty value and actual sale consideration of land. The Tribunal held that s. 56(2)(vii)(b) applies only to individuals/HUFs who "received" capital assets at lower prices, but here the partnership firm M/s Goyal Sons was the actual purchaser, not the individual assessees who were merely partners. The ITAT noted that s. 56(2)(x), which extends to "any person" including partnership firms, was introduced prospectively from 01.04.2017 and not applicable to AY 2016-17. The assessment order was neither erroneous nor prejudicial to Revenue's interests, thus failing to satisfy conditions precedent for s. 263 revision.
The ITAT allowed the assessee's appeal against the PCIT's revision order under s. 263 directing addition under s. 56(2)(vii)(b) for difference between stamp duty value and actual sale consideration of land. The Tribunal held that s. 56(2)(vii)(b) applies only to individuals/HUFs who "received" capital assets at lower prices, but here the partnership firm M/s Goyal Sons was the actual purchaser, not the individual assessees who were merely partners. The ITAT noted that s. 56(2)(x), which extends to "any person" including partnership firms, was introduced prospectively from 01.04.2017 and not applicable to AY 2016-17. The assessment order was neither erroneous nor prejudicial to Revenue's interests, thus failing to satisfy conditions precedent for s. 263 revision.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
