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...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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The court held that blocking of the Electronic Credit Ledger without providing a pre-decisional hearing to the petitioner and without containing cogent reasons to believe in the impugned order violated the principles of natural justice. Relying on the precedent of K-9-ENTERPRISES, KWALITY METALS, K-9-INDUSTRIES VERSUS THE STATE OF KARNATAKA, THE ASSISTANT COMMISSIONER OF COMMERCIAL TAXES, BELAGAVI, the court ruled that the mandatory requirements and parameters for invoking Rule 86A were not fulfilled by the respondents-revenue. The respondents were not entitled to rely upon the satisfaction of another officer and pass the impugned orders illegally and arbitrarily blocking the petitioner's Electronic Credit Ledger. Consequently, the impugned order was quashed, and the petition was allowed.
The court held that blocking of the Electronic Credit Ledger without providing a pre-decisional hearing to the petitioner and without containing cogent reasons to believe in the impugned order violated the principles of natural justice. Relying on the precedent of K-9-ENTERPRISES, KWALITY METALS, K-9-INDUSTRIES VERSUS THE STATE OF KARNATAKA, THE ASSISTANT COMMISSIONER OF COMMERCIAL TAXES, BELAGAVI, the court ruled that the mandatory requirements and parameters for invoking Rule 86A were not fulfilled by the respondents-revenue. The respondents were not entitled to rely upon the satisfaction of another officer and pass the impugned orders illegally and arbitrarily blocking the petitioner's Electronic Credit Ledger. Consequently, the impugned order was quashed, and the petition was allowed.
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