Anti-profiteering obligations survive business demerger, complaint withdrawal, and customized supply arrangements where rate-reduction benefits are no...
Road restoration charges constitute taxable services when requested for commercial pipeline activity, requiring reverse-charge GST from the business r...
Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
ITAT dismissed Revenue's appeal challenging CIT(A)'s order granting exemption u/s 11 to assessee trust. AO had denied exemption solely due to assessee's non-participation in assessment proceedings without examining merits. ITAT upheld CIT(A)'s admission of additional evidence under Rule 46A, finding sufficient cause for assessee's non-appearance as they were unaware of proceedings. CIT(A) correctly accepted final balance sheet as true statement of affairs, confirmed by AO's remand report showing accurate bank balances. Addition of loans deleted as they represented genuine outstanding bank balances verified through bank statements. Penalty u/s 271(1)(c) appropriately deleted following deletion of substantive additions. Revenue failed to controvert factual findings establishing assessee's entitlement to exemption and genuineness of transactions.
ITAT dismissed Revenue's appeal challenging CIT(A)'s order granting exemption u/s 11 to assessee trust. AO had denied exemption solely due to assessee's non-participation in assessment proceedings without examining merits. ITAT upheld CIT(A)'s admission of additional evidence under Rule 46A, finding sufficient cause for assessee's non-appearance as they were unaware of proceedings. CIT(A) correctly accepted final balance sheet as true statement of affairs, confirmed by AO's remand report showing accurate bank balances. Addition of loans deleted as they represented genuine outstanding bank balances verified through bank statements. Penalty u/s 271(1)(c) appropriately deleted following deletion of substantive additions. Revenue failed to controvert factual findings establishing assessee's entitlement to exemption and genuineness of transactions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
