Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
CBDT Instruction No. 1 of 2011 issued under section 119 was held to govern pecuniary jurisdiction for issuance of notice under section 143(2). As the assessee's declared income fell below the limit placing jurisdiction with the Income Tax Officer in a metro city, the ACIT lacked competent pecuniary jurisdiction to assume assessment jurisdiction under section 143(3). The defect was treated as a foundational jurisdictional error, not a mere issue of concurrent jurisdiction. The Tribunal distinguished the Revenue's reliance on a different High Court ruling concerning search-related and territorial jurisdiction. The assessment was therefore vitiated and quashed, and the assessee's additional ground was allowed.
CBDT Instruction No. 1 of 2011 issued under section 119 was held to govern pecuniary jurisdiction for issuance of notice under section 143(2). As the assessee's declared income fell below the limit placing jurisdiction with the Income Tax Officer in a metro city, the ACIT lacked competent pecuniary jurisdiction to assume assessment jurisdiction under section 143(3). The defect was treated as a foundational jurisdictional error, not a mere issue of concurrent jurisdiction. The Tribunal distinguished the Revenue's reliance on a different High Court ruling concerning search-related and territorial jurisdiction. The assessment was therefore vitiated and quashed, and the assessee's additional ground was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
