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...
A personal hearing fixed before the expiry of time allowed for filing a reply to the show cause notice was not an effective opportunity, and the procedure adopted breached principles of natural justice. The assessment order passed under Section 73(9) was therefore unsustainable and quashed by the HC. The matter was remitted to the Assessing Officer to proceed again from the show cause notice stage, with liberty to the taxpayer to file a reply and a fresh personal hearing to be fixed thereafter.
A personal hearing fixed before the expiry of time allowed for filing a reply to the show cause notice was not an effective opportunity, and the procedure adopted breached principles of natural justice. The assessment order passed under Section 73(9) was therefore unsustainable and quashed by the HC. The matter was remitted to the Assessing Officer to proceed again from the show cause notice stage, with liberty to the taxpayer to file a reply and a fresh personal hearing to be fixed thereafter.
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