Cross-segment derivatives manipulation: integrated order patterns can support interim restraints, while director liability requires responsibility, co...
Power bank definition limits the customs-duty exclusion, preserving concessional treatment for stationary, grid-scale and industrial battery storage s...
Packing-material input credits support inverted-duty refunds for packaged tea, while rate-reduction and concessional-supply circulars remain inapplica...
Revisionary jurisdiction requires an assessment order to be both erroneous and prejudicial to Revenue and cannot merely replace one plausible view with another. Deduction for contributions to a Core Settlement Guarantee Fund required enquiry into whether payment created an accrued business liability or constituted a corpus for potential future defaults. Examination of genuineness and reasonableness alone was insufficient, given the fund's segregation, accumulated corpus and interest income. The ITAT sustained limited revision because the Assessing Officer had not undertaken requisite verification, directing fresh examination after hearing the assessee while leaving deductibility open.
Revisionary jurisdiction requires an assessment order to be both erroneous and prejudicial to Revenue and cannot merely replace one plausible view with another. Deduction for contributions to a Core Settlement Guarantee Fund required enquiry into whether payment created an accrued business liability or constituted a corpus for potential future defaults. Examination of genuineness and reasonableness alone was insufficient, given the fund's segregation, accumulated corpus and interest income. The ITAT sustained limited revision because the Assessing Officer had not undertaken requisite verification, directing fresh examination after hearing the assessee while leaving deductibility open.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
