Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Objective characteristics govern magnesium bis-glycinate chelate classification as an amino-acid coordination compound, not a food preparation or anti...
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ITAT held that the AO failed to properly examine the exemption claim under section 10(38) for long-term capital gains. The tribunal found no evidence of adequate investigation or verification in the assessment order. Referencing SC precedent in Paville Project Pvt. Ltd, the tribunal determined the assessment order was prejudicial to revenue interests. The PCIT's revision under section 263 was justified, as the AO did not conduct requisite inquiries regarding the genuineness of capital gains exemption. Consequently, the tribunal upheld the PCIT's order and dismissed the assessee's appeal, mandating a comprehensive reassessment of the capital gains claim.
ITAT held that the AO failed to properly examine the exemption claim under section 10(38) for long-term capital gains. The tribunal found no evidence of adequate investigation or verification in the assessment order. Referencing SC precedent in Paville Project Pvt. Ltd, the tribunal determined the assessment order was prejudicial to revenue interests. The PCIT's revision under section 263 was justified, as the AO did not conduct requisite inquiries regarding the genuineness of capital gains exemption. Consequently, the tribunal upheld the PCIT's order and dismissed the assessee's appeal, mandating a comprehensive reassessment of the capital gains claim.
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