Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Revisional jurisdiction under section 263 was examined: the twin conditions of the order being erroneous and prejudicial to revenue were not met because the Assessing Officer issued detailed queries, obtained submissions and documents, and applied his mind before accepting returned income. Explanation 2(a) did not apply as inquiries were made. Clause (d) of Explanation 2 could not be invoked since the AO adopted a plausible view supported by High Court precedents and the Supreme Court decision relied on was distinguishable on its facts. The Tribunal set aside the Principal Commissioner's revision order and allowed the assessee's appeal.
Revisional jurisdiction under section 263 was examined: the twin conditions of the order being erroneous and prejudicial to revenue were not met because the Assessing Officer issued detailed queries, obtained submissions and documents, and applied his mind before accepting returned income. Explanation 2(a) did not apply as inquiries were made. Clause (d) of Explanation 2 could not be invoked since the AO adopted a plausible view supported by High Court precedents and the Supreme Court decision relied on was distinguishable on its facts. The Tribunal set aside the Principal Commissioner's revision order and allowed the assessee's appeal.
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