Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Non-consideration of the assessee's replies before issuing a reassessment notice can vitiate the order where the statute requires those explanations to be examined before forming a view on escaped income. The text notes that the impugned order dealt only partially with the materials filed and did not analyse the commercial rationale or the specific explanations offered, so the formation of belief lacked a sustainable basis. The order and consequential notice were quashed, and the matter was remitted for fresh consideration after granting an opportunity of hearing and passing a reasoned order.
Non-consideration of the assessee's replies before issuing a reassessment notice can vitiate the order where the statute requires those explanations to be examined before forming a view on escaped income. The text notes that the impugned order dealt only partially with the materials filed and did not analyse the commercial rationale or the specific explanations offered, so the formation of belief lacked a sustainable basis. The order and consequential notice were quashed, and the matter was remitted for fresh consideration after granting an opportunity of hearing and passing a reasoned order.
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