Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
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The ITAT held that additions under section 153A based on purported bogus Long Term Capital Gains and commission expenses were unsustainable in the absence of any incriminating material discovered during the search. Following established precedent, the AO cannot invoke section 153A to reassess completed assessments without search-based incriminating evidence. Consequently, the Tribunal upheld the CIT(A)'s deletion of the additions. However, the CIT(A)'s direction to the AO to initiate proceedings under sections 147/148 was held to be beyond jurisdiction, as reopening cannot be indirectly mandated post section 153A adjudication, preserving the finality of proceedings. The Tribunal allowed the assessee's cross-objection, clarifying that the CIT(A)'s remit ended with the deletion of the additions, and any advice or compulsion for fresh litigation under section 147 was ultra vires.
The ITAT held that additions under section 153A based on purported bogus Long Term Capital Gains and commission expenses were unsustainable in the absence of any incriminating material discovered during the search. Following established precedent, the AO cannot invoke section 153A to reassess completed assessments without search-based incriminating evidence. Consequently, the Tribunal upheld the CIT(A)'s deletion of the additions. However, the CIT(A)'s direction to the AO to initiate proceedings under sections 147/148 was held to be beyond jurisdiction, as reopening cannot be indirectly mandated post section 153A adjudication, preserving the finality of proceedings. The Tribunal allowed the assessee's cross-objection, clarifying that the CIT(A)'s remit ended with the deletion of the additions, and any advice or compulsion for fresh litigation under section 147 was ultra vires.
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