Penalty on exchange vacated for lack of evidence that exchange authorized subsidiaries' investments; Regulations 43(1) 2012 and 38(2) 2018 inapplicabl...
Petitioner not an eligible assessee under s.144C(15)(b); draft and final assessments under s.144C(1)/s.143(3)/s.144B quashed and penalty show-cause no...
ITAT held that the LD CIT(A)/NFAC erred in dismissing the assessee's appeal for non-payment of advance tax where the statutory prerequisites under ss. 208 and 209 and condition in s. 249(4)(b) were not properly applied; the Tribunal found the denial of admission on that basis improper. Without adjudicating merits, ITAT set aside the LD CIT(A)/NFAC order and remitted the matter to LD CIT(A)/NFAC with directions to admit the appeal, afford the assessee a reasonable opportunity of hearing, and decide the matter on merits in accordance with law.
ITAT held that the LD CIT(A)/NFAC erred in dismissing the assessee's appeal for non-payment of advance tax where the statutory prerequisites under ss. 208 and 209 and condition in s. 249(4)(b) were not properly applied; the Tribunal found the denial of admission on that basis improper. Without adjudicating merits, ITAT set aside the LD CIT(A)/NFAC order and remitted the matter to LD CIT(A)/NFAC with directions to admit the appeal, afford the assessee a reasonable opportunity of hearing, and decide the matter on merits in accordance with law.
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