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...
Revision under section 263 was held unsustainable because the Assessing Officer had properly examined the relevant material, accepted the assessee's project completion method, and adopted one permissible view on the taxability of on-money from the Spring-II project. The Court reiterated that revision is available only when the assessment order is both erroneous and prejudicial to the interests of the Revenue; a mere difference of opinion cannot justify interference where enquiries were made and the view taken was plausible. No material showed that the amount was taxable in the relevant assessment year, so the appeal was dismissed and no substantial question of law arose.
Revision under section 263 was held unsustainable because the Assessing Officer had properly examined the relevant material, accepted the assessee's project completion method, and adopted one permissible view on the taxability of on-money from the Spring-II project. The Court reiterated that revision is available only when the assessment order is both erroneous and prejudicial to the interests of the Revenue; a mere difference of opinion cannot justify interference where enquiries were made and the view taken was plausible. No material showed that the amount was taxable in the relevant assessment year, so the appeal was dismissed and no substantial question of law arose.
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