Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Page of 4798
Press 'Enter' after typing page number.
581 to 600 of 95955 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
ITAT allowed the appeal and set aside the s.263 revision order of the PCIT. The Tribunal held that Explanation 2 to s.263(1) was invoked by the PCIT in the final order without being specified in the show-cause notice or affording the assessee an opportunity to meet that specific contention, thereby violating principles of natural justice. In consequence, the invocation of Explanation 2 was unsustainable and rendered the revision order prejudicial and void. The s.263 order was quashed and the grounds of the assessee upheld, restoring the original reassessment outcome.
ITAT allowed the appeal and set aside the s.263 revision order of the PCIT. The Tribunal held that Explanation 2 to s.263(1) was invoked by the PCIT in the final order without being specified in the show-cause notice or affording the assessee an opportunity to meet that specific contention, thereby violating principles of natural justice. In consequence, the invocation of Explanation 2 was unsustainable and rendered the revision order prejudicial and void. The s.263 order was quashed and the grounds of the assessee upheld, restoring the original reassessment outcome.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
