Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
The ITAT held that Explanation 2 to section 263, inserted with effect from 1.6.2015, cannot be applied retrospectively to the assessment year 2013-14. The revision under section 263 requires the Commissioner to form a reasoned opinion that the assessment order was passed without necessary inquiry or verification. In this case, the assessee provided detailed explanations showing adequate verification by the AO. The Commissioner failed to specify what further inquiries were necessary or identify any defects in the assessee's submissions. Consequently, the exercise of revision jurisdiction by the Commissioner was without valid basis and amounted to invalid jurisdiction. The impugned order under section 263 was quashed, and the assessee's appeal was allowed.
The ITAT held that Explanation 2 to section 263, inserted with effect from 1.6.2015, cannot be applied retrospectively to the assessment year 2013-14. The revision under section 263 requires the Commissioner to form a reasoned opinion that the assessment order was passed without necessary inquiry or verification. In this case, the assessee provided detailed explanations showing adequate verification by the AO. The Commissioner failed to specify what further inquiries were necessary or identify any defects in the assessee's submissions. Consequently, the exercise of revision jurisdiction by the Commissioner was without valid basis and amounted to invalid jurisdiction. The impugned order under section 263 was quashed, and the assessee's appeal was allowed.
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