Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Validity of assessment proceedings under section 147 turned on omission to issue statutory notice under section 143(2). The tribunal applied precedent establishing that issuance of notice under section 143(2) is mandatory where the Assessing Officer considers it necessary to verify understatement of income or underpayment of tax, and failure to issue such notice is not a curable procedural irregularity; consequence: assessments completed under section 147 read with section 144 without the mandatory notice are vitiated and the assessment orders are null and void, resulting in decision against the revenue.
Validity of assessment proceedings under section 147 turned on omission to issue statutory notice under section 143(2). The tribunal applied precedent establishing that issuance of notice under section 143(2) is mandatory where the Assessing Officer considers it necessary to verify understatement of income or underpayment of tax, and failure to issue such notice is not a curable procedural irregularity; consequence: assessments completed under section 147 read with section 144 without the mandatory notice are vitiated and the assessment orders are null and void, resulting in decision against the revenue.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
