Writ relief against show cause notices is available where jurisdiction is absent and concluded advance rulings cannot be reopened without fresh fraud ...
Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
Failure to pass a consequential order within the statutory limitation caused the assessment to abate because the order giving effect to the appellate decision was a quasi-judicial recomputation of tax liability, not a mere administrative formality. The appellate order had changed the basis of taxation and required verification and hearing, so the Assessing Officer had to act within the prescribed period; once that period expired, no further demand could be enforced and the return stood accepted as filed. As the penalty proceedings depended on the original assessment basis, the disappearance of that foundation rendered the penalty order and demand notice unsustainable, with refund of any recovered amount and applicable interest.
Failure to pass a consequential order within the statutory limitation caused the assessment to abate because the order giving effect to the appellate decision was a quasi-judicial recomputation of tax liability, not a mere administrative formality. The appellate order had changed the basis of taxation and required verification and hearing, so the Assessing Officer had to act within the prescribed period; once that period expired, no further demand could be enforced and the return stood accepted as filed. As the penalty proceedings depended on the original assessment basis, the disappearance of that foundation rendered the penalty order and demand notice unsustainable, with refund of any recovered amount and applicable interest.
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