Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Validity of assessment order us 153A - Approval by the JCIT as required u/s 153D - An irregularity in the assessment order may be rectified by remitting back the matter to the assessment. In the case on hand it is not an irregularity in the assessment order, it is a jurisdictional error. The A.O. has no jurisdiction to pass the assessment order unless the JCIT granted approval. - the orders of both the authorities below were set-aside and the entire assessment order as confirmed by C.I.T.(A) are quashed. - AT
Validity of assessment order us 153A - Approval by the JCIT as required u/s 153D - An irregularity in the assessment order may be rectified by remitting back the matter to the assessment. In the case on hand it is not an irregularity in the assessment order, it is a jurisdictional error. The A.O. has no jurisdiction to pass the assessment order unless the JCIT granted approval. - the orders of both the authorities below were set-aside and the entire assessment order as confirmed by C.I.T.(A) are quashed. - AT
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