Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Validity of revision under assessment revision power was contested where AO allowed exemption for investment in venture capital undertakings; HC/ITAT found AO had applied mind after detailed enquiry, making PCITs substitution of opinion impermissible, and restored the assessment. Tribunal noted investments taxed in unit holders hands so revenue suffered no prejudice, SEBI VCF Regulations permit temporary mutual fund investments, and the VCF Regulations (post amendment) no longer exclude real estate, so investments in real estate VCUs did not breach regulatory eligibility for the exemption.
Validity of revision under assessment revision power was contested where AO allowed exemption for investment in venture capital undertakings; HC/ITAT found AO had applied mind after detailed enquiry, making PCITs substitution of opinion impermissible, and restored the assessment. Tribunal noted investments taxed in unit holders hands so revenue suffered no prejudice, SEBI VCF Regulations permit temporary mutual fund investments, and the VCF Regulations (post amendment) no longer exclude real estate, so investments in real estate VCUs did not breach regulatory eligibility for the exemption.
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