Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Revision under s.263 was upheld on the ground that the assessment allowing deduction u/s 80G without enquiry into an allegedly bogus donation was erroneous and prejudicial to revenue. Mere production of a donation receipt was held insufficient to establish genuineness, especially when the Department possessed search-derived information indicating the donee entity's involvement in providing accommodation donations. Applying Explanation 2 to s.263, failure to conduct the necessary verification rendered the assessment order deemed erroneous; consequently, the revisional authority's direction for proper examination was sustained and the assessee's appeal was dismissed. - ITAT
Revision under s.263 was upheld on the ground that the assessment allowing deduction u/s 80G without enquiry into an allegedly bogus donation was erroneous and prejudicial to revenue. Mere production of a donation receipt was held insufficient to establish genuineness, especially when the Department possessed search-derived information indicating the donee entity's involvement in providing accommodation donations. Applying Explanation 2 to s.263, failure to conduct the necessary verification rendered the assessment order deemed erroneous; consequently, the revisional authority's direction for proper examination was sustained and the assessee's appeal was dismissed. - ITAT
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