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Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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The ITAT allowed the appeal of the assessee-trust, holding that the addition of Rs. 44,00,000/- made under s. 143(1) was unsustainable. The CPC had accepted all deductions claimed under ss. 11 and 10(23C), but committed an arithmetical error by incorrectly totaling the deductions at Rs. 7,52,41,564/- instead of Rs. 7,96,41,565/-. This miscalculation led to an erroneous computation of income purportedly chargeable under s. 11(1B), though the figure of Rs. 44,00,000/- was consistently reflected by both the assessee and CPC. ITAT held that the variation stemmed solely from CPC's totaling mistake, not from any disallowance or difference in claim, and therefore directed deletion of the entire addition.
The ITAT allowed the appeal of the assessee-trust, holding that the addition of Rs. 44,00,000/- made under s. 143(1) was unsustainable. The CPC had accepted all deductions claimed under ss. 11 and 10(23C), but committed an arithmetical error by incorrectly totaling the deductions at Rs. 7,52,41,564/- instead of Rs. 7,96,41,565/-. This miscalculation led to an erroneous computation of income purportedly chargeable under s. 11(1B), though the figure of Rs. 44,00,000/- was consistently reflected by both the assessee and CPC. ITAT held that the variation stemmed solely from CPC's totaling mistake, not from any disallowance or difference in claim, and therefore directed deletion of the entire addition.
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