Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
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ITAT adjudicated multiple taxation issues, primarily focusing on income computation and disallowances. The tribunal substantially upheld the CIT(A)'s findings, rejecting revenue's contentions across several grounds. Key determinations included: (1) rejecting selective interpretation of audit reports, (2) directing verification of EPF/ECGI disallowances, (3) declining interference with stock shrinkage claims in petroleum sales, (4) rejecting revenue's attempt to tax government loans after 10 years, and (5) maintaining consistent accounting practices. The tribunal emphasized holistic evaluation of financial records, adherence to established accounting principles, and rejected revenue's piecemeal approach to income assessment. Most revenue grounds were dismissed, preserving the assessee's original tax computations.
ITAT adjudicated multiple taxation issues, primarily focusing on income computation and disallowances. The tribunal substantially upheld the CIT(A)'s findings, rejecting revenue's contentions across several grounds. Key determinations included: (1) rejecting selective interpretation of audit reports, (2) directing verification of EPF/ECGI disallowances, (3) declining interference with stock shrinkage claims in petroleum sales, (4) rejecting revenue's attempt to tax government loans after 10 years, and (5) maintaining consistent accounting practices. The tribunal emphasized holistic evaluation of financial records, adherence to established accounting principles, and rejected revenue's piecemeal approach to income assessment. Most revenue grounds were dismissed, preserving the assessee's original tax computations.
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