Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
Fourth Proviso to Section 153A: extended-period inquiry requires a reasonable, material-based satisfaction that escaped income likely exceeds the thre...
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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