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...
Sanction for prosecution for delayed remittance of TDS was challenged on the ground that the authority failed to consider the assessees' detailed replies and supporting documents showing subsequent payment of TDS with penal interest and explaining the delay. The Court held that the impugned sanction order reflected non-application of mind because the explanation and materials were not evaluated in their proper perspective, and a further opportunity to file additional documents was warranted to ensure a justice-oriented decision. The sanction order was set aside and the matter remanded for fresh reconsideration in accordance with law. - HC
Sanction for prosecution for delayed remittance of TDS was challenged on the ground that the authority failed to consider the assessees' detailed replies and supporting documents showing subsequent payment of TDS with penal interest and explaining the delay. The Court held that the impugned sanction order reflected non-application of mind because the explanation and materials were not evaluated in their proper perspective, and a further opportunity to file additional documents was warranted to ensure a justice-oriented decision. The sanction order was set aside and the matter remanded for fresh reconsideration in accordance with law. - HC
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