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...
ITAT held the assessment order invalid for non-compliance with the mandatory procedure under Section 144C. The AO passed the final assessment order before expiry of the 30-day period prescribed in Section 144C(2) for the assessee to file objections to the draft assessment order, thereby frustrating the assessee's statutory right to approach the DRP. ITAT ruled that such breach rendered the final assessment order unsustainable in law. The final assessment order passed under Section 144C was quashed, and all additions, disallowances and the consequential tax demand raised on the assessee were deleted.
ITAT held the assessment order invalid for non-compliance with the mandatory procedure under Section 144C. The AO passed the final assessment order before expiry of the 30-day period prescribed in Section 144C(2) for the assessee to file objections to the draft assessment order, thereby frustrating the assessee's statutory right to approach the DRP. ITAT ruled that such breach rendered the final assessment order unsustainable in law. The final assessment order passed under Section 144C was quashed, and all additions, disallowances and the consequential tax demand raised on the assessee were deleted.
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