CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
ITAT allowed the assessee's appeal and quashed the revisionary order passed by PCIT u/s 263. It held that once the assessee opted for and finalized settlement under the Direct Tax Vivad Se Vishwas Act, 2020, the tax dispute stood conclusively closed and could not be reopened through revision proceedings u/s 263. Relying on binding HC precedent, ITAT concluded that the PCIT's exercise of jurisdiction was contrary to the scheme and object of the Vivad Se Vishwas Act, rendering the impugned revisional order unsustainable in law.
ITAT allowed the assessee's appeal and quashed the revisionary order passed by PCIT u/s 263. It held that once the assessee opted for and finalized settlement under the Direct Tax Vivad Se Vishwas Act, 2020, the tax dispute stood conclusively closed and could not be reopened through revision proceedings u/s 263. Relying on binding HC precedent, ITAT concluded that the PCIT's exercise of jurisdiction was contrary to the scheme and object of the Vivad Se Vishwas Act, rendering the impugned revisional order unsustainable in law.
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