Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
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The ITAT held that the AO's order was not erroneous or prejudicial to the revenue despite no addition being made for accommodation entries following reopening under section 147. The AO had duly examined and verified the issues during reassessment and found no grounds for addition. The PCIT's revision under section 263, asserting the AO's order was erroneous, was therefore unjustified. The Tribunal set aside the PCIT's order and allowed the assessee's appeal, affirming that absence of addition does not automatically render the AO's order erroneous if the matter was properly considered during reassessment.
The ITAT held that the AO's order was not erroneous or prejudicial to the revenue despite no addition being made for accommodation entries following reopening under section 147. The AO had duly examined and verified the issues during reassessment and found no grounds for addition. The PCIT's revision under section 263, asserting the AO's order was erroneous, was therefore unjustified. The Tribunal set aside the PCIT's order and allowed the assessee's appeal, affirming that absence of addition does not automatically render the AO's order erroneous if the matter was properly considered during reassessment.
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