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...
ITAT held that revision under section 263 was unsustainable because the DPCO liability for the relevant year had already been treated as an ascertained liability, and the Assessing Officer's acceptance of that position was a plausible view. The revisional authority proceeded on an factual premise, assuming the DPCO dispute had been settled by the Supreme Court and treating the amounts as bank guarantees, whereas the dispute remained pending before the High Court and the Supreme Court proceeding concerned a different matter. As the assessment order was neither erroneous nor prejudicial to the interests of the Revenue, the revisional order was set aside and the assessee's appeal was allowed.
ITAT held that revision under section 263 was unsustainable because the DPCO liability for the relevant year had already been treated as an ascertained liability, and the Assessing Officer's acceptance of that position was a plausible view. The revisional authority proceeded on an factual premise, assuming the DPCO dispute had been settled by the Supreme Court and treating the amounts as bank guarantees, whereas the dispute remained pending before the High Court and the Supreme Court proceeding concerned a different matter. As the assessment order was neither erroneous nor prejudicial to the interests of the Revenue, the revisional order was set aside and the assessee's appeal was allowed.
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