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...
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HC held that expenditure towards MRF Pace Foundation constitutes business promotion and is not a charitable donation. The revenue's power is limited to examining the genuineness of expenditure. Regarding reassessment, the court ruled differently for various assessment years: for AY 2002-03, reassessment was barred by limitation; for AY 2004-05, revenue's jurisdiction was upheld; for AY 2003-04 and 2004-05, amendments to Section 80HHC were not applicable. The court affirmed the assessee's entitlement to deductions under Sections 80IA and 80IB for rubber manufacturing units, emphasizing a seamless continuation of tax benefits across assessment years.
HC held that expenditure towards MRF Pace Foundation constitutes business promotion and is not a charitable donation. The revenue's power is limited to examining the genuineness of expenditure. Regarding reassessment, the court ruled differently for various assessment years: for AY 2002-03, reassessment was barred by limitation; for AY 2004-05, revenue's jurisdiction was upheld; for AY 2003-04 and 2004-05, amendments to Section 80HHC were not applicable. The court affirmed the assessee's entitlement to deductions under Sections 80IA and 80IB for rubber manufacturing units, emphasizing a seamless continuation of tax benefits across assessment years.
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