PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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Where an assessee filed return under the presumptive taxation scheme in section 44AD, which does not require maintenance of books of account, the Pr. CIT could not invoke section 263 to reopen the assessment and treat bank deposits as unexplained under section 68. The Tribunal noted that the Assessing Officer had considered the relevant issues and that the revisional authority merely substituted its own view on further enquiries and third-party evidence. On those facts, the revisional order was found to suffer from lack of jurisdiction and was quashed.
Where an assessee filed return under the presumptive taxation scheme in section 44AD, which does not require maintenance of books of account, the Pr. CIT could not invoke section 263 to reopen the assessment and treat bank deposits as unexplained under section 68. The Tribunal noted that the Assessing Officer had considered the relevant issues and that the revisional authority merely substituted its own view on further enquiries and third-party evidence. On those facts, the revisional order was found to suffer from lack of jurisdiction and was quashed.
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