Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
HC held that a best judgment assessment under Section 62 cannot stand unless the statutory notice preceding the assessment is proved to have been served in a mode recognised by Section 169. A mere recital in the assessment order that notice was issued was insufficient, and the respondents produced no material showing valid service before completion of the assessments. In the absence of proof of service of the mandatory notice, the impugned assessment orders were quashed and the matter was left open for fresh consideration after due notice, if warranted.
HC held that a best judgment assessment under Section 62 cannot stand unless the statutory notice preceding the assessment is proved to have been served in a mode recognised by Section 169. A mere recital in the assessment order that notice was issued was insufficient, and the respondents produced no material showing valid service before completion of the assessments. In the absence of proof of service of the mandatory notice, the impugned assessment orders were quashed and the matter was left open for fresh consideration after due notice, if warranted.
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