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...
ITAT set aside Pr.CIT's order under section 263, finding procedural irregularities in reassessment proceedings. The tribunal determined that Pr.CIT exceeded jurisdictional limits by: (1) considering documents not available during original examination, (2) introducing issues beyond the original reassessment scope under section 147, and (3) improperly evaluating additional tax-related matters not part of initial proceedings. The tribunal emphasized that revisional powers must be exercised strictly based on records existing at the time of original assessment. Consequently, the entire proceedings were deemed ultra vires, with the appellate order partially allowing the assessee's appeal and nullifying the CIT's interventions.
ITAT set aside Pr.CIT's order under section 263, finding procedural irregularities in reassessment proceedings. The tribunal determined that Pr.CIT exceeded jurisdictional limits by: (1) considering documents not available during original examination, (2) introducing issues beyond the original reassessment scope under section 147, and (3) improperly evaluating additional tax-related matters not part of initial proceedings. The tribunal emphasized that revisional powers must be exercised strictly based on records existing at the time of original assessment. Consequently, the entire proceedings were deemed ultra vires, with the appellate order partially allowing the assessee's appeal and nullifying the CIT's interventions.
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