Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT quashed PCIT's revision order u/s 263 challenging validity of reassessment proceedings u/s 153A regarding computation of total income claiming interest u/s 24B. Tribunal held that Explanation 2 invoked by PCIT had no application as all relevant documents were filed by assessee during reassessment proceedings, which AO verified before finalizing assessment allowing interest claim u/s 24B. ITAT noted AO had previously allowed similar interest claim in AY 2012-13, establishing continuing cause of action that cannot be disturbed without different factual findings. Tribunal found PCIT's order reflected non-application of mind since AO had conducted adequate inquiries and examination of assessee's claims during both original and reassessment proceedings u/s 153A, taking plausible view not prejudicial to Revenue interests. Appeal allowed.
ITAT quashed PCIT's revision order u/s 263 challenging validity of reassessment proceedings u/s 153A regarding computation of total income claiming interest u/s 24B. Tribunal held that Explanation 2 invoked by PCIT had no application as all relevant documents were filed by assessee during reassessment proceedings, which AO verified before finalizing assessment allowing interest claim u/s 24B. ITAT noted AO had previously allowed similar interest claim in AY 2012-13, establishing continuing cause of action that cannot be disturbed without different factual findings. Tribunal found PCIT's order reflected non-application of mind since AO had conducted adequate inquiries and examination of assessee's claims during both original and reassessment proceedings u/s 153A, taking plausible view not prejudicial to Revenue interests. Appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
