Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
The ITAT held that where contemporaneous accounts, receipts and audited records showed the premises was actively used for the assessee's business during the year, the property fell outside section 22 and the deeming fiction for annual letting value under section 23 did not apply. Receipts linked to school operations and later tax treatment of advance educational collections supported the business-use explanation, which the Revenue did not rebut. It also found the Assessing Officer's notional valuation at a percentage of cost to be arbitrary, so the addition for deemed rental income was deleted and the Revenue's appeal dismissed; the reopening challenge in cross-objection was left open as academic.
The ITAT held that where contemporaneous accounts, receipts and audited records showed the premises was actively used for the assessee's business during the year, the property fell outside section 22 and the deeming fiction for annual letting value under section 23 did not apply. Receipts linked to school operations and later tax treatment of advance educational collections supported the business-use explanation, which the Revenue did not rebut. It also found the Assessing Officer's notional valuation at a percentage of cost to be arbitrary, so the addition for deemed rental income was deleted and the Revenue's appeal dismissed; the reopening challenge in cross-objection was left open as academic.
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