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...
The dominant issue was whether limitation for passing the final assessment order in a DRP case is governed by section 153(1) read with section 153(4), or by section 144C(13). Relying on prior coordinate bench precedent, which in turn followed Madras HC and Bombay HC, the Tribunal held that the statutory time bar must be computed under section 153(1) r/w section 153(4), making the last permissible date 30.09.2021. Since the final assessment order was passed on 07.07.2023, it was held to be time-barred and was quashed, resulting in the appeal being allowed. - ITAT
The dominant issue was whether limitation for passing the final assessment order in a DRP case is governed by section 153(1) read with section 153(4), or by section 144C(13). Relying on prior coordinate bench precedent, which in turn followed Madras HC and Bombay HC, the Tribunal held that the statutory time bar must be computed under section 153(1) r/w section 153(4), making the last permissible date 30.09.2021. Since the final assessment order was passed on 07.07.2023, it was held to be time-barred and was quashed, resulting in the appeal being allowed. - ITAT
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