Transition support services from corporate spinoff for India business segment - TP adjustment deleted; comparables reassessed; goodwill depreciation, ...
Qualification of fire extinguishers as aircraft parts - original duty finding under Notification No.50/2017-Sr.545 vacated; remanded for fresh adjudic...
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
