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 the Assessing Officer could pass an order giving effect to DRP directions after expiry of the one-month period mandated by section 144C(13). The court held that section 144C(13) imposes a strict, mandatory timeline, and statutory requirements must be complied with in the prescribed manner; treating the time limit as directory would negate the provision's mandatory character. Since the one-month period had already lapsed, the pending proceedings to give effect to the DRP directions, including the transfer pricing addition, were barred by limitation and could not be continued under section 144C(13). - HC
The dominant issue was whether the Assessing Officer could pass an order giving effect to DRP directions after expiry of the one-month period mandated by section 144C(13). The court held that section 144C(13) imposes a strict, mandatory timeline, and statutory requirements must be complied with in the prescribed manner; treating the time limit as directory would negate the provision's mandatory character. Since the one-month period had already lapsed, the pending proceedings to give effect to the DRP directions, including the transfer pricing addition, were barred by limitation and could not be continued under section 144C(13). - HC
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