PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
ITAT held that the invocation of revisional jurisdiction under s.263 by CIT(E) was unsustainable and set aside the impugned revisional order. The Tribunal found that the assessee operates as a mutual concern and, absent any AO finding to the contrary or a claim of depreciation by the assessee, surplus within mutuality is not taxable and s.50 could not be applied to treat the sale of the office premises as generating short-term capital gain. Consequently, there was no requirement for the AO to make further inquiry; the assessment order was restored and the assessee's appeal was allowed.
ITAT held that the invocation of revisional jurisdiction under s.263 by CIT(E) was unsustainable and set aside the impugned revisional order. The Tribunal found that the assessee operates as a mutual concern and, absent any AO finding to the contrary or a claim of depreciation by the assessee, surplus within mutuality is not taxable and s.50 could not be applied to treat the sale of the office premises as generating short-term capital gain. Consequently, there was no requirement for the AO to make further inquiry; the assessment order was restored and the assessee's appeal was allowed.
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