Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
Challenge to assessment as violative of s.144B/CBDT instructions and for denial of opportunity failed because statutory notices were issued, the proposed disallowance was communicated, and no specific prejudice from refusal of evidence or arbitrary denial of adjournment was shown; hence the assessment was not void. Disallowance in principle of excess cane price over FRP could not be rejected merely on broad claims, as no cost-based justification or contemporaneous material was produced to show the entire differential was commercially driven; however, the impugned quantification did not follow the Tasgaon methodology and was not sustainable. For the year in question, deduction of the final cane price was allowable in full under s.36(1)(xvii) due to unrebutted State Government approval, rendering further profit-embedded segregation unnecessary; sustained disallowance was deleted and set-off of brought-forward depreciation was directed. - ITAT
Challenge to assessment as violative of s.144B/CBDT instructions and for denial of opportunity failed because statutory notices were issued, the proposed disallowance was communicated, and no specific prejudice from refusal of evidence or arbitrary denial of adjournment was shown; hence the assessment was not void. Disallowance in principle of excess cane price over FRP could not be rejected merely on broad claims, as no cost-based justification or contemporaneous material was produced to show the entire differential was commercially driven; however, the impugned quantification did not follow the Tasgaon methodology and was not sustainable. For the year in question, deduction of the final cane price was allowable in full under s.36(1)(xvii) due to unrebutted State Government approval, rendering further profit-embedded segregation unnecessary; sustained disallowance was deleted and set-off of brought-forward depreciation was directed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
