Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
HC allowed the writ petition, holding that the appellate authority (R-1) had erred in dismissing the petitioner's appeal for alleged non-compliance with the mandatory 10% pre-deposit requirement. HC held that the amount already deposited by the petitioner under protest constituted sufficient compliance with the statutory pre-deposit condition and ought to have been reckoned for entertaining the appeal on merits. Consequently, the impugned order dated 28.02.2024 at Annexure-H was quashed and set aside. The matter was remanded to R-1 for fresh consideration of the statutory appeal on merits, strictly in accordance with law, without insisting on any further pre-deposit from the petitioner.
HC allowed the writ petition, holding that the appellate authority (R-1) had erred in dismissing the petitioner's appeal for alleged non-compliance with the mandatory 10% pre-deposit requirement. HC held that the amount already deposited by the petitioner under protest constituted sufficient compliance with the statutory pre-deposit condition and ought to have been reckoned for entertaining the appeal on merits. Consequently, the impugned order dated 28.02.2024 at Annexure-H was quashed and set aside. The matter was remanded to R-1 for fresh consideration of the statutory appeal on merits, strictly in accordance with law, without insisting on any further pre-deposit from the petitioner.
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