Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
The dispute concerns validity of an assessment order issued by an Assessing Officer who lacked jurisdiction due to multiple transfers of PAN jurisdiction; absence of any transfer order under the relevant statutory power prior to assessment meant jurisdiction remained with the original ITO. The tribunal applied the principle that an order by a non jurisdictional Assessing Officer is void ab initio and that jurisdiction cannot be conferred by the assessee's participation; accordingly the assessment was held void and the appellate order upholding it could not stand, appeal allowed.
The dispute concerns validity of an assessment order issued by an Assessing Officer who lacked jurisdiction due to multiple transfers of PAN jurisdiction; absence of any transfer order under the relevant statutory power prior to assessment meant jurisdiction remained with the original ITO. The tribunal applied the principle that an order by a non jurisdictional Assessing Officer is void ab initio and that jurisdiction cannot be conferred by the assessee's participation; accordingly the assessment was held void and the appellate order upholding it could not stand, appeal allowed.
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