Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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Revision under section 263 was upheld because the assessing officer failed to conduct at least a prima facie inquiry into whether penalty proceedings under section 271AAC(1) should be initiated after declaring income under provisions for unexplained income. The tribunal held that determination of unexplained income alone does not ipso facto dispense with inquiry into compliance or infractions; absence of any prima facie finding on penalty renders the assessment order erroneous and prejudicial to revenue, justifying revision and resulting adverse decision against the assessee.
Revision under section 263 was upheld because the assessing officer failed to conduct at least a prima facie inquiry into whether penalty proceedings under section 271AAC(1) should be initiated after declaring income under provisions for unexplained income. The tribunal held that determination of unexplained income alone does not ipso facto dispense with inquiry into compliance or infractions; absence of any prima facie finding on penalty renders the assessment order erroneous and prejudicial to revenue, justifying revision and resulting adverse decision against the assessee.
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