Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
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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.
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