Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Revision under section 263 was upheld because the assessing officer failed to verify the assessee's suo motu disallowance of expenditure relating to exempt income and did not test the prescribed computation method or examine a third party report; outcome: revision sustained and relief denied. The tribunal accepted that the AO overlooked available intelligence indicating receipt of accommodation entries, attracting deeming provisions and negating the assessee's claim; outcome: section 263 action valid. The decision relied on precedent on strategic investment exclusion and the duty of the AO to make inquiries, and confirmed the revisional order against the assessee.
Revision under section 263 was upheld because the assessing officer failed to verify the assessee's suo motu disallowance of expenditure relating to exempt income and did not test the prescribed computation method or examine a third party report; outcome: revision sustained and relief denied. The tribunal accepted that the AO overlooked available intelligence indicating receipt of accommodation entries, attracting deeming provisions and negating the assessee's claim; outcome: section 263 action valid. The decision relied on precedent on strategic investment exclusion and the duty of the AO to make inquiries, and confirmed the revisional order against the assessee.
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