Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
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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