Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
Customs Broker licence proceedings require accurate procedural facts before delay or natural-justice findings can justify setting aside regulatory act...
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Revision under section 263 was held unsustainable where the Assessing Officer had already initiated penalty proceedings, because the revisional authority could not invoke section 263 merely to substitute the penalty provision under which those proceedings were initiated. The Tribunal found that, once penalty action had been commenced, the assessment order could not be treated as erroneous and prejudicial to the interests of the Revenue on this ground alone. The foundation of the revisional order was therefore legally untenable, and the assessee succeeded.
Revision under section 263 was held unsustainable where the Assessing Officer had already initiated penalty proceedings, because the revisional authority could not invoke section 263 merely to substitute the penalty provision under which those proceedings were initiated. The Tribunal found that, once penalty action had been commenced, the assessment order could not be treated as erroneous and prejudicial to the interests of the Revenue on this ground alone. The foundation of the revisional order was therefore legally untenable, and the assessee succeeded.
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