Centralised assessment transfers after searches coordinate connected investigations without finally determining the assessee's tax liability or assess...
Unsigned third-party records cannot establish on-money payments without corroboration and cross-examination, requiring deletion of the related additio...
ITAT quashed PCIT's revision order under section 263 regarding disallowance of standard asset provisions under section 36(1)(via), syndication fees for convertible cumulative preference shares under section 37(1) as capital expenditure, and rates expenses under section 40(a). The tribunal held that PCIT failed to establish twin conditions required for section 263 - that AO's order was both erroneous and prejudicial to revenue interest. AO had taken plausible view on issues raised, and assessee's representative provided relevant material establishing order was not erroneous. PCIT cannot exercise revisionary powers merely based on different perspective when original assessment order addressed issues adequately. Following Malabar Industrial Co. Ltd. precedent, revisionary jurisdiction requires satisfaction of both conditions simultaneously, which were not met in this case.
ITAT quashed PCIT's revision order under section 263 regarding disallowance of standard asset provisions under section 36(1)(via), syndication fees for convertible cumulative preference shares under section 37(1) as capital expenditure, and rates expenses under section 40(a). The tribunal held that PCIT failed to establish twin conditions required for section 263 - that AO's order was both erroneous and prejudicial to revenue interest. AO had taken plausible view on issues raised, and assessee's representative provided relevant material establishing order was not erroneous. PCIT cannot exercise revisionary powers merely based on different perspective when original assessment order addressed issues adequately. Following Malabar Industrial Co. Ltd. precedent, revisionary jurisdiction requires satisfaction of both conditions simultaneously, which were not met in this case.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
