Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
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Whether the assessment order was amenable to revision under s.263 for failure to examine taxability of gains from sale of land turned on the absence of inquiry into whether the lands were urban land within municipal limits and hence a "capital asset" under s.2(14). The AO's order addressed only cash deposits and contained no verification or reasoning on the land-sale transactions, effectively accepting the return in a summary manner. Applying s.263 read with Explanation 2 and the principle in Malabar Industrial Co. Ltd. that lack of inquiry renders an order erroneous and prejudicial to Revenue, the revision was upheld and the assessee's challenge was rejected - ITAT
Whether the assessment order was amenable to revision under s.263 for failure to examine taxability of gains from sale of land turned on the absence of inquiry into whether the lands were urban land within municipal limits and hence a "capital asset" under s.2(14). The AO's order addressed only cash deposits and contained no verification or reasoning on the land-sale transactions, effectively accepting the return in a summary manner. Applying s.263 read with Explanation 2 and the principle in Malabar Industrial Co. Ltd. that lack of inquiry renders an order erroneous and prejudicial to Revenue, the revision was upheld and the assessee's challenge was rejected - ITAT
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