Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
Reassessment notices issued more than three years after the relevant assessment year require approval under section 151(ii) from the specified senior authorities; approval by a Principal Commissioner is described as incompetent. The notes state that a later proviso to section 151 cannot retrospectively exclude the reply period under section 148A(b), resulting in invalidation of the reassessment notice and consequential reassessment for the stated year. They further address section 80P deduction: after condonation of delayed return filing, the deduction claim, including interest earned from a co-operative bank, is to be reconsidered by the Assessing Officer, with interest income directed to be allowed if earned from that bank.
Reassessment notices issued more than three years after the relevant assessment year require approval under section 151(ii) from the specified senior authorities; approval by a Principal Commissioner is described as incompetent. The notes state that a later proviso to section 151 cannot retrospectively exclude the reply period under section 148A(b), resulting in invalidation of the reassessment notice and consequential reassessment for the stated year. They further address section 80P deduction: after condonation of delayed return filing, the deduction claim, including interest earned from a co-operative bank, is to be reconsidered by the Assessing Officer, with interest income directed to be allowed if earned from that bank.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4780
Join Channel
TaxTMI 
