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...
ITAT held that a challenge to reassessment on jurisdictional grounds can be raised even if not pressed before the first appellate authority, because lack of jurisdiction goes to the root and cannot be cured by waiver or acquiescence. It further held that where the notice under section 148 was issued after three years from the end of the assessment year, section 151(ii) required sanction from the Principal Chief Commissioner or Chief Commissioner, not the Principal Commissioner. As the prescribed approval was absent, the reassessment notice and all consequential proceedings were void, and the reassessment was quashed.
ITAT held that a challenge to reassessment on jurisdictional grounds can be raised even if not pressed before the first appellate authority, because lack of jurisdiction goes to the root and cannot be cured by waiver or acquiescence. It further held that where the notice under section 148 was issued after three years from the end of the assessment year, section 151(ii) required sanction from the Principal Chief Commissioner or Chief Commissioner, not the Principal Commissioner. As the prescribed approval was absent, the reassessment notice and all consequential proceedings were void, and the reassessment was quashed.
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