Separate speaking orders on reopening objections are mandatory; deciding them within reassessment invalidates jurisdiction and precludes revival of st...
Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
Pecuniary jurisdiction limits under the applicable CBDT instruction required reassessment of a non-corporate assessee in a mofussil area exceeding the prescribed limit to be handled by an Assistant or Deputy Commissioner, rather than an Income-tax Officer. As the reassessment notice was issued by an officer lacking that jurisdiction and the defect was unrebutted, the notice was inherently invalid. The consequential assessment was quashed as void ab initio, rendering the remaining grounds academic.
Pecuniary jurisdiction limits under the applicable CBDT instruction required reassessment of a non-corporate assessee in a mofussil area exceeding the prescribed limit to be handled by an Assistant or Deputy Commissioner, rather than an Income-tax Officer. As the reassessment notice was issued by an officer lacking that jurisdiction and the defect was unrebutted, the notice was inherently invalid. The consequential assessment was quashed as void ab initio, rendering the remaining grounds academic.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
