Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
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Validity of reassessment proceedings - non-issue of the statutory notice u/s 143(2) - The Appellate Tribunal found that the AO had not issued the statutory notice under section 143(2) in response to the appellant's return filed under section 148. Despite repeated requests and payments for inspection of case records, the AO did not provide the necessary documents to verify the issuance of the notice. The Tribunal held that the non-issuance of the statutory notice constituted an incurable defect, rendering the assessment proceedings void ab initio. Therefore, the Tribunal allowed the appeal in favor of the appellant.
Validity of reassessment proceedings - non-issue of the statutory notice u/s 143(2) - The Appellate Tribunal found that the AO had not issued the statutory notice under section 143(2) in response to the appellant's return filed under section 148. Despite repeated requests and payments for inspection of case records, the AO did not provide the necessary documents to verify the issuance of the notice. The Tribunal held that the non-issuance of the statutory notice constituted an incurable defect, rendering the assessment proceedings void ab initio. Therefore, the Tribunal allowed the appeal in favor of the appellant.
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