Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Once the original reassessment orders u/s 148 were quashed, they ceased to exist legally. The rectification order u/s 154 was premised on the quashed orders, which could not be revived or corrected. Section 154 could only be invoked if a valid order capable of rectification existed. Since the original orders were non-existent after being quashed, invoking Section 154 was impermissible. Additionally, the condition u/s 149(1)(b) requiring income escaping assessment to be Rs. 50 lakhs or more was not fulfilled. Consequently, the rectification order was unsustainable and quashed by the High Court.
Once the original reassessment orders u/s 148 were quashed, they ceased to exist legally. The rectification order u/s 154 was premised on the quashed orders, which could not be revived or corrected. Section 154 could only be invoked if a valid order capable of rectification existed. Since the original orders were non-existent after being quashed, invoking Section 154 was impermissible. Additionally, the condition u/s 149(1)(b) requiring income escaping assessment to be Rs. 50 lakhs or more was not fulfilled. Consequently, the rectification order was unsustainable and quashed by the High Court.
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