Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
The ITAT examined the validity of an assessment order under sections 153A and 153D. The Tribunal found critical procedural irregularities in the approval process, specifically noting that the approval was granted on the same day as the draft and final assessment orders, without clear evidence of substantive examination. The approval was deemed invalid due to lack of proper application of mind, rendering the entire assessment order void ab initio. Regarding shares held as stock-in-trade, the Tribunal ruled that shares purchased in the regular course of business are not subject to taxation under section 56(2)(viia), emphasizing that the provision was intended to prevent tax evasion, not to tax legitimate business transactions. Consequently, the Assessee's appeal was allowed.
The ITAT examined the validity of an assessment order under sections 153A and 153D. The Tribunal found critical procedural irregularities in the approval process, specifically noting that the approval was granted on the same day as the draft and final assessment orders, without clear evidence of substantive examination. The approval was deemed invalid due to lack of proper application of mind, rendering the entire assessment order void ab initio. Regarding shares held as stock-in-trade, the Tribunal ruled that shares purchased in the regular course of business are not subject to taxation under section 56(2)(viia), emphasizing that the provision was intended to prevent tax evasion, not to tax legitimate business transactions. Consequently, the Assessee's appeal was allowed.
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