CIT Vs AMITABH BACHCHAN: SUPREME COURT OF INDIA (Dated: May 11, 2016)
Income tax - Sections 69C & 263
Keywords - additional expenses - cash system of accounting - dropping of proceedings - opportunity of hearing - re-revised assessment - suo moto revision & withdrawal of claim
Whether the requirement of granting of a reasonable opportunity of hearing as contemplated u/s 263 of I-T Act can be said to have been breached, if the revisional authority had come to the conclusions in the matter on the basis of record of the assessment proceedings which was open for scrutiny by the assessee as well as his counsel at all times - NO: SC
Whether making of a claim which would prima facie disclose that the expenses in respect of which deduction has been claimed has been incurred and thereafter withdrawing of the same by the assessee, warrants examination of the source from which such expenses were incured, and non-examination of the same would render an assessment order as erroneous - YES: SC
Whether suo moto revision undertaken by the Commissioner u/s 263 would be justified in a case, where the proceedings initiated u/s 69-C by the AO has been dropped simply on the ground that the claim for additional expenses made by the assessee in his re-revised return has been withdrawn, and the assessment was completed without verifying the source of such expenses - YES: SC
Revenue's appeal allowed
2016-TIOL-13-ARA-ST + Story
HYUNDAI ROTEM COMPANY Vs CC, CE & ST: AUTHORITY FOR ADVANCE RULINGS (Dated: April 22, 2016)
ST - Rolling Stocks are plant as well as machinery and are to be brought into operation by the applicant, which would fall under the meaning of word "commissioning" - applicant would satisfy the condition of providing services by way of commissioning of original work - since said services are pertaining to railways, including monorail or metro, exemption available under notfn. 25/2012-ST: AAR [para 12 to 15]
Applications allowed
