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 circuit bench had territorial jurisdiction to entertain an appeal and cross-objection arising from an assessment order passed by an assessing officer at another station. On a reference due to a difference of opinion between members, the third member held that the circuit bench lacked jurisdiction over the appeal; consequently, the appeal was not maintainable and was dismissed. Parties were left at liberty to pursue appropriate remedies before the competent forum, and the revenue was similarly permitted to approach the appropriate forum if so advised. - ITAT
The dominant issue was whether the circuit bench had territorial jurisdiction to entertain an appeal and cross-objection arising from an assessment order passed by an assessing officer at another station. On a reference due to a difference of opinion between members, the third member held that the circuit bench lacked jurisdiction over the appeal; consequently, the appeal was not maintainable and was dismissed. Parties were left at liberty to pursue appropriate remedies before the competent forum, and the revenue was similarly permitted to approach the appropriate forum if so advised. - ITAT
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