Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
The HC held that the AO cannot, by invoking s.154, effect rectification beyond the scope of the s.263 direction and cannot revisit a deduction under s.80IA which was neither the subject-matter of the s.263 proceedings nor of the appeal. Two assessment orders exist: the original order dated 10.02.2005 and the s.263 order dated 20.10.2011. The impugned rectification purportedly altering the 10.02.2005 assessment is time-barred because limitation under s.154(7) runs from 10.02.2005. The rectification order dated 28.03.2012 is therefore barred by limitation, and the ITAT's conclusion computing limitation from the original assessment was upheld.
The HC held that the AO cannot, by invoking s.154, effect rectification beyond the scope of the s.263 direction and cannot revisit a deduction under s.80IA which was neither the subject-matter of the s.263 proceedings nor of the appeal. Two assessment orders exist: the original order dated 10.02.2005 and the s.263 order dated 20.10.2011. The impugned rectification purportedly altering the 10.02.2005 assessment is time-barred because limitation under s.154(7) runs from 10.02.2005. The rectification order dated 28.03.2012 is therefore barred by limitation, and the ITAT's conclusion computing limitation from the original assessment was upheld.
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