Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
ITAT allowed the appeal filed by the assessee-trust, holding that the earlier dismissal was based on a patent mistake in applying s.12AA. ITAT observed that the assessee already held a valid registration under s.12AA at the time of filing the return for the relevant assessment year, and the amended registration regime, effective from 01.04.2021, was inapplicable to that year. Further, the assessee had subsequently obtained registration under the amended provisions on 28.03.2022, reinforcing its eligible status. ITAT held that CIT(A) erred in dismissing the appeal for non-furnishing of a new registration number and misapplication of amended law. Consequently, ITAT directed the AO to delete the demand raised by CPC, thereby granting full relief to the assessee.
ITAT allowed the appeal filed by the assessee-trust, holding that the earlier dismissal was based on a patent mistake in applying s.12AA. ITAT observed that the assessee already held a valid registration under s.12AA at the time of filing the return for the relevant assessment year, and the amended registration regime, effective from 01.04.2021, was inapplicable to that year. Further, the assessee had subsequently obtained registration under the amended provisions on 28.03.2022, reinforcing its eligible status. ITAT held that CIT(A) erred in dismissing the appeal for non-furnishing of a new registration number and misapplication of amended law. Consequently, ITAT directed the AO to delete the demand raised by CPC, thereby granting full relief to the assessee.
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