Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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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.
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