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Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
The ITAT upheld the revision order passed under section 263, affirming that the assessment order issued under section 144 ex parte was justified due to the assessee's failure to appear despite proper notice. The Tribunal noted the assessee's challenge to the assessment before the CIT(A), which remains pending. The AO's additions under sections 43B, 68 read with 115BBE, and estimated long-term capital gains were scrutinized, with the PCIT highlighting procedural irregularities in income estimation and the existence of two sets of financial statements. The Tribunal found no error in the PCIT's conclusion that the assessment was prejudicial to Revenue, particularly due to non-consideration of section 45(4). Consequently, the order under section 263 setting aside the assessment for fresh adjudication after affording the assessee a reasonable opportunity of hearing was upheld, and the appeal filed by the assessee was dismissed.
The ITAT upheld the revision order passed under section 263, affirming that the assessment order issued under section 144 ex parte was justified due to the assessee's failure to appear despite proper notice. The Tribunal noted the assessee's challenge to the assessment before the CIT(A), which remains pending. The AO's additions under sections 43B, 68 read with 115BBE, and estimated long-term capital gains were scrutinized, with the PCIT highlighting procedural irregularities in income estimation and the existence of two sets of financial statements. The Tribunal found no error in the PCIT's conclusion that the assessment was prejudicial to Revenue, particularly due to non-consideration of section 45(4). Consequently, the order under section 263 setting aside the assessment for fresh adjudication after affording the assessee a reasonable opportunity of hearing was upheld, and the appeal filed by the assessee was dismissed.
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