Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
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Principal Commissioner's transfer of the assessee's PAN and associated 'case' to the Central charge carried all powers over the PAN, including power to cancel registration; therefore PCIT(C) had jurisdiction to cancel registration for prior and subsequent years. Cancellation under registration provisions was upheld on merits: the trust's recorded activities were non genuine and deviated from its objects by funding profit entities, promoting partisan content, and making payments without evidence of services, amounting to specified violations; such use of funds defeats charitable application and justifies loss of exemption. The appeal against cancellation is dismissed.
Principal Commissioner's transfer of the assessee's PAN and associated 'case' to the Central charge carried all powers over the PAN, including power to cancel registration; therefore PCIT(C) had jurisdiction to cancel registration for prior and subsequent years. Cancellation under registration provisions was upheld on merits: the trust's recorded activities were non genuine and deviated from its objects by funding profit entities, promoting partisan content, and making payments without evidence of services, amounting to specified violations; such use of funds defeats charitable application and justifies loss of exemption. The appeal against cancellation is dismissed.
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