Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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HC allowed the writ petition, quashing the impugned order dated 28.03.2023 passed u/s 264 and remanding the matter to R-2 for fresh consideration. HC held that mere filing of a revenue appeal against a jurisdictional ITAT decision does not dilute its binding nature; revenue authorities must follow such precedent unless properly distinguished with cogent reasons. HC rejected the contention that revision u/s 264 cannot cover issues not claimed in, or accepted in, the return, holding that automatic, unamendable AMT computation in the ITR utility does not amount to conscious acceptance of tax under s.115JC. HC further held that an intimation u/s 143(1) is amenable to revision u/s 264, directing R-2 to reconsider the assessee's claim in light of the jurisdictional ITAT ruling.
HC allowed the writ petition, quashing the impugned order dated 28.03.2023 passed u/s 264 and remanding the matter to R-2 for fresh consideration. HC held that mere filing of a revenue appeal against a jurisdictional ITAT decision does not dilute its binding nature; revenue authorities must follow such precedent unless properly distinguished with cogent reasons. HC rejected the contention that revision u/s 264 cannot cover issues not claimed in, or accepted in, the return, holding that automatic, unamendable AMT computation in the ITR utility does not amount to conscious acceptance of tax under s.115JC. HC further held that an intimation u/s 143(1) is amenable to revision u/s 264, directing R-2 to reconsider the assessee's claim in light of the jurisdictional ITAT ruling.
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