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...
Reference to Departmental valuation officer [DVO] without first rejecting the books of accounts - The Court reiterated the importance of rejecting the books of accounts before referring the matter to the valuation officer. It found that the Tribunal had erred in not considering this crucial aspect, as affirmed by Supreme Court precedent. Consequently, the Court set aside the Tribunal's order and remitted the matter for fresh consideration, emphasizing the necessity of determining whether the books of accounts were rejected before making the reference to the valuation officer.
Reference to Departmental valuation officer [DVO] without first rejecting the books of accounts - The Court reiterated the importance of rejecting the books of accounts before referring the matter to the valuation officer. It found that the Tribunal had erred in not considering this crucial aspect, as affirmed by Supreme Court precedent. Consequently, the Court set aside the Tribunal's order and remitted the matter for fresh consideration, emphasizing the necessity of determining whether the books of accounts were rejected before making the reference to the valuation officer.
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