Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
Page of 4805
Press 'Enter' after typing page number.
5321 to 5340 of 96100 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
