{"id":45056,"date":"2024-08-10T15:33:46","date_gmt":"2024-08-10T10:03:46","guid":{"rendered":"https:\/\/itatonline.org\/digest\/apna-punjab-resorts-ltd-v-pcit-2023107-itr-11-trib-chd-trib\/"},"modified":"2024-08-10T15:33:46","modified_gmt":"2024-08-10T10:03:46","slug":"apna-punjab-resorts-ltd-v-pcit-2023107-itr-11-trib-chd-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/apna-punjab-resorts-ltd-v-pcit-2023107-itr-11-trib-chd-trib\/","title":{"rendered":"Apna Punjab Resorts Ltd. v.PCIT (2023)107 ITR 11 (Trib) (Chd) (Trib)"},"content":{"rendered":"<p>Held that the Revenue cannot sit in the armchair of the businessman to decide what is profitable and how business should be carried out. This action of the Commissioner was in direct contravention of the provisions of Explanation (a)(i) to section 56(2)(vii) of the Act read with rule\u00a011UA(2)(b)\u00a0of the Rules. The Assessing Officer could not have changed the method of valuation opted by the assessee in view of the statutory mandate of rule\u00a011UA(2)\u00a0of the Rules. Revision order is quashed.(AY.2016-17)<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 263 : Commissioner-Revision of orders prejudicial to revenue-Share premium-Discounted cash flow method-Revenue could not compel assessee to choose particular method of valuation-Revision order is quashed. [S. 56(2(viib), 143(3), R.11U, 11UA] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-45056","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bII","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=45056"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45056\/revisions"}],"predecessor-version":[{"id":45057,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45056\/revisions\/45057"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=45056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=45056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=45056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}