ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
ITAT allowed the assessee's appeal and quashed the revisionary order passed u/s 263. It held that the assessment u/s 153A had been framed after obtaining mandatory approval u/s 153D and pursuant to specific queries raised by the AO on sale of assets below guideline value and possible application of s. 43CA. The assessee had duly responded, and the AO took a conscious view after inquiry. ITAT reaffirmed the distinction between "lack of inquiry" and "inadequate inquiry," holding that s. 263 can be invoked only in cases of lack of inquiry. Mere higher guideline value cannot, by itself, render the assessment erroneous and prejudicial to Revenue.
ITAT allowed the assessee's appeal and quashed the revisionary order passed u/s 263. It held that the assessment u/s 153A had been framed after obtaining mandatory approval u/s 153D and pursuant to specific queries raised by the AO on sale of assets below guideline value and possible application of s. 43CA. The assessee had duly responded, and the AO took a conscious view after inquiry. ITAT reaffirmed the distinction between "lack of inquiry" and "inadequate inquiry," holding that s. 263 can be invoked only in cases of lack of inquiry. Mere higher guideline value cannot, by itself, render the assessment erroneous and prejudicial to Revenue.
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