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 upheld the PCIT's invocation of revisionary jurisdiction u/s 263, holding that the assessment order u/s 143(3) r/w s.144B was erroneous and prejudicial to the interests of the Revenue. The AO had failed to examine whether income from sale of securities held for not more than 12 months, claimed as short-term capital gains taxable u/s 111A, could alternatively be assessed as business income, despite the assessee being formed for investment activity. The AO's enquiries were confined only to exemption aspects of short-term capital gains of Rs. 8.16 crore. Relying on CBDT Circular No. 6/2016, ITAT held there was no bar on examining characterization of gains on securities held for less than 12 months. The PCIT's direction to re-examine this limited issue was sustained and the assessee's appeal was dismissed.
ITAT upheld the PCIT's invocation of revisionary jurisdiction u/s 263, holding that the assessment order u/s 143(3) r/w s.144B was erroneous and prejudicial to the interests of the Revenue. The AO had failed to examine whether income from sale of securities held for not more than 12 months, claimed as short-term capital gains taxable u/s 111A, could alternatively be assessed as business income, despite the assessee being formed for investment activity. The AO's enquiries were confined only to exemption aspects of short-term capital gains of Rs. 8.16 crore. Relying on CBDT Circular No. 6/2016, ITAT held there was no bar on examining characterization of gains on securities held for less than 12 months. The PCIT's direction to re-examine this limited issue was sustained and the assessee's appeal was dismissed.
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