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...
Non-consideration of the assessee's replies before forming belief under section 148A(3) violated natural justice and vitiated the reassessment order, because the order merely noted partial bank statements and did not examine the explanations or the commercial rationale and materials produced. The impugned order and consequential notice were quashed, and the matter was remitted for fresh consideration of the genuineness and creditworthiness of the transactions after granting a hearing and passing a reasoned order.
Non-consideration of the assessee's replies before forming belief under section 148A(3) violated natural justice and vitiated the reassessment order, because the order merely noted partial bank statements and did not examine the explanations or the commercial rationale and materials produced. The impugned order and consequential notice were quashed, and the matter was remitted for fresh consideration of the genuineness and creditworthiness of the transactions after granting a hearing and passing a reasoned order.
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