Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
The ITAT affirmed that the assessee, a foreign company incorporated in the British Virgin Islands, qualified as an "eligible assessee" under section 144C(15)(b) and thus the AO was statutorily obliged to issue a draft assessment under section 144C(1). The AO proceeded to pass final assessment orders without issuing the mandated draft, rendering the final orders vitiated for non-compliance with the mandatory pre-draft procedure. The CIT(A)'s decision setting aside the impugned final assessments was upheld, and the Revenue's appeal was dismissed. The matter is remitted for fresh proceedings in accordance with the statutory scheme under section 144C.
The ITAT affirmed that the assessee, a foreign company incorporated in the British Virgin Islands, qualified as an "eligible assessee" under section 144C(15)(b) and thus the AO was statutorily obliged to issue a draft assessment under section 144C(1). The AO proceeded to pass final assessment orders without issuing the mandated draft, rendering the final orders vitiated for non-compliance with the mandatory pre-draft procedure. The CIT(A)'s decision setting aside the impugned final assessments was upheld, and the Revenue's appeal was dismissed. The matter is remitted for fresh proceedings in accordance with the statutory scheme under section 144C.
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