Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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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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