Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Revisionary power under section 263 was examined in relation to a disallowance under section 11 for payments to specified/related persons; ITAT held the revisional authority failed to conduct its own enquiry and improperly remanded the matter for fresh verification, which constitutes an impermissible roving inquiry. The Assessing Officer had sought and considered detailed explanations and documents from the assessee before passing the assessment, and no material demonstrated falsity or discrepancy. Because no prejudice to revenue arose (taxes paid by specified persons and no taxable income in trust), the CIT(E)'s revision was set aside and the assessee's grounds allowed.
Revisionary power under section 263 was examined in relation to a disallowance under section 11 for payments to specified/related persons; ITAT held the revisional authority failed to conduct its own enquiry and improperly remanded the matter for fresh verification, which constitutes an impermissible roving inquiry. The Assessing Officer had sought and considered detailed explanations and documents from the assessee before passing the assessment, and no material demonstrated falsity or discrepancy. Because no prejudice to revenue arose (taxes paid by specified persons and no taxable income in trust), the CIT(E)'s revision was set aside and the assessee's grounds allowed.
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