Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Assessee's unspent accumulated fund for AY 2009-10 assessed in AY 2015-16: primary issue whether AO rightly invoked s.147 to tax alleged escaped income. Tribunal accepts CIT(A)'s finding that unutilized funds were beyond assessee's control due to injunction and that prior years' excess expenditure could be set off against the accumulated fund following judicial precedent; therefore no income escaped assessment and assumption of jurisdiction under s.147 was unsustainable - consequence: reopening was invalid and the CIT(A)'s grant of relief on merits is upheld, so revenue's grounds are dismissed. - ITAT
Assessee's unspent accumulated fund for AY 2009-10 assessed in AY 2015-16: primary issue whether AO rightly invoked s.147 to tax alleged escaped income. Tribunal accepts CIT(A)'s finding that unutilized funds were beyond assessee's control due to injunction and that prior years' excess expenditure could be set off against the accumulated fund following judicial precedent; therefore no income escaped assessment and assumption of jurisdiction under s.147 was unsustainable - consequence: reopening was invalid and the CIT(A)'s grant of relief on merits is upheld, so revenue's grounds are dismissed. - ITAT
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