Minimum Public Offer Requirements set tiered issuer-based allotment minima with mandatory staged public shareholding increases and exchange enforcemen...
Disallowance under tax law for investment expenses cannot be applied mechanically; authority must record clear reasons before increasing assessee's su...
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Under CBDT Instruction No. 1/2011, metro corporate returns up to the prescribed income limit remained with the ITO, while only higher-value cases fell within ACIT/DCIT jurisdiction. Because the assessee's returned income and income assessed under section 143(3) were both below that limit, the ACIT lacked monetary jurisdiction to issue the section 148 notice. The Tribunal treated this defect as going to the validity of the jurisdictional notice itself, held the notice invalid, and quashed the reassessment order as consequentially unsustainable.
Under CBDT Instruction No. 1/2011, metro corporate returns up to the prescribed income limit remained with the ITO, while only higher-value cases fell within ACIT/DCIT jurisdiction. Because the assessee's returned income and income assessed under section 143(3) were both below that limit, the ACIT lacked monetary jurisdiction to issue the section 148 notice. The Tribunal treated this defect as going to the validity of the jurisdictional notice itself, held the notice invalid, and quashed the reassessment order as consequentially unsustainable.
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