Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
ITAT upheld the Assessing Officer's (AO) original assessment, determining that the surrendered sum should be treated as business income rather than invoking special provisions under section 115BBE and 69A. The tribunal found the AO conducted a thorough examination of the assessee's survey statement, surrender letter, and income return, and applied due diligence in assessing the income. The tribunal concluded there was no procedural error or lack of enquiry in the original assessment, thereby rejecting the revision petition and deciding in favor of the assessee.
ITAT upheld the Assessing Officer's (AO) original assessment, determining that the surrendered sum should be treated as business income rather than invoking special provisions under section 115BBE and 69A. The tribunal found the AO conducted a thorough examination of the assessee's survey statement, surrender letter, and income return, and applied due diligence in assessing the income. The tribunal concluded there was no procedural error or lack of enquiry in the original assessment, thereby rejecting the revision petition and deciding in favor of the assessee.
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