Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
PCIT Orders Reassessment of Investments and FDs u/s 263: ITAT Sets Aside Order, Holds AO Properly...
Auditing and AssuranceIncome Tax
The ITAT has set aside a PCIT order, holding that an "AO properly verified details" of "investments and FDs" and that a reassessment order under Section 263 is not valid. The tribunal's decision provides a significant victory for the taxpayer. The ruling clarifies that a tax authority cannot reopen an assessment without a valid reason.
