Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Jurisdiction powers to issue Reopening notice in metro city - It was established that the notice under Section 148 of the Act was issued by an Income Tax Officer (ITO), whereas the jurisdiction allegedly lay with the Assistant Commissioner or Deputy Commissioner of Income Tax. The Tribunal referred to relevant instructions indicating the appropriate jurisdiction based on income levels. Relying on the decision of the Hon'ble Bombay High Court in a similar case, the Tribunal held that the notice issued by the ITO was without jurisdiction and thus rendered the assessment order invalid.
Jurisdiction powers to issue Reopening notice in metro city - It was established that the notice under Section 148 of the Act was issued by an Income Tax Officer (ITO), whereas the jurisdiction allegedly lay with the Assistant Commissioner or Deputy Commissioner of Income Tax. The Tribunal referred to relevant instructions indicating the appropriate jurisdiction based on income levels. Relying on the decision of the Hon'ble Bombay High Court in a similar case, the Tribunal held that the notice issued by the ITO was without jurisdiction and thus rendered the assessment order invalid.
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