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...
Where a taxpayer had diligently pursued rectification within time and filed the statutory challenge within three months of its rejection, the HC held that limitation could not be computed only from the original assessment order. The appellate authority should not have rejected the challenge as time-barred in those circumstances, and if the absence of a specific challenge to the rectification rejection was treated as a defect, amendment ought to have been permitted instead of dismissal on a hyper-technical ground. The limitation-based rejection was set aside and the matter remitted for fresh decision on merits.
Where a taxpayer had diligently pursued rectification within time and filed the statutory challenge within three months of its rejection, the HC held that limitation could not be computed only from the original assessment order. The appellate authority should not have rejected the challenge as time-barred in those circumstances, and if the absence of a specific challenge to the rectification rejection was treated as a defect, amendment ought to have been permitted instead of dismissal on a hyper-technical ground. The limitation-based rejection was set aside and the matter remitted for fresh decision on merits.
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