Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The ITAT upheld the PCIT's exercise of revisionary jurisdiction under s.263, holding that s.263 is available to correct an order erroneous and prejudicial to the revenue even where the error is apparent from the record and potentially rectifiable under s.154 or s.147. The AO's order was found erroneous and prejudicial for disallowing depreciation on goodwill to the extent of Rs.10,89,82,058 as against the claim of Rs.27,63,20,888, and the PCIT's directions under s.263 were sustained. Merits of the depreciation claim (including reliance on judicial precedents) were left to the pending appeal against quantum before the ld. CIT(A). The assessee's appeal is dismissed.
The ITAT upheld the PCIT's exercise of revisionary jurisdiction under s.263, holding that s.263 is available to correct an order erroneous and prejudicial to the revenue even where the error is apparent from the record and potentially rectifiable under s.154 or s.147. The AO's order was found erroneous and prejudicial for disallowing depreciation on goodwill to the extent of Rs.10,89,82,058 as against the claim of Rs.27,63,20,888, and the PCIT's directions under s.263 were sustained. Merits of the depreciation claim (including reliance on judicial precedents) were left to the pending appeal against quantum before the ld. CIT(A). The assessee's appeal is dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
