Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
The ITAT upheld the AO's jurisdiction to conduct comprehensive scrutiny beyond the initial reasons for case selection, dismissing the assessee's objection. The Tribunal held that development charges received are revenue receipts, with no legal restriction on their utilization as prescribed by the government. Claims for TDS application of income and loan repayment as application of income were remanded for factual verification by the AO, directing allowance if conditions are met. The Tribunal ruled that the restriction on setting off brought forward deficits under Explanation 5 to section 11(1) is prospective, permitting set off for the relevant year subject to verification. The issue of GST/ST deduction was remanded for AO's verification to determine its applicability as application of income.
The ITAT upheld the AO's jurisdiction to conduct comprehensive scrutiny beyond the initial reasons for case selection, dismissing the assessee's objection. The Tribunal held that development charges received are revenue receipts, with no legal restriction on their utilization as prescribed by the government. Claims for TDS application of income and loan repayment as application of income were remanded for factual verification by the AO, directing allowance if conditions are met. The Tribunal ruled that the restriction on setting off brought forward deficits under Explanation 5 to section 11(1) is prospective, permitting set off for the relevant year subject to verification. The issue of GST/ST deduction was remanded for AO's verification to determine its applicability as application of income.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
