Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT allowed the appeal, set aside the PCIT's revisionary order under s.263 and upheld the AO's assessment. The Tribunal held excess cash and stock revealed in survey were properly treated as business income after the assessee answered specific inquiries and the AO conducted an inquiry; invocation of s.115BBE was not mandatory. Because the AO took a plausible view, the requisite twin conditions for exercise of s.263-(i) that the assessment order is erroneous, and (ii) that it is prejudicial to Revenue-were not satisfied. Applying the principle that where two views are possible the one favourable to the assessee prevails, the PCIT's revision was quashed.
ITAT allowed the appeal, set aside the PCIT's revisionary order under s.263 and upheld the AO's assessment. The Tribunal held excess cash and stock revealed in survey were properly treated as business income after the assessee answered specific inquiries and the AO conducted an inquiry; invocation of s.115BBE was not mandatory. Because the AO took a plausible view, the requisite twin conditions for exercise of s.263-(i) that the assessment order is erroneous, and (ii) that it is prejudicial to Revenue-were not satisfied. Applying the principle that where two views are possible the one favourable to the assessee prevails, the PCIT's revision was quashed.
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