Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Mandatory compliance with section 144C was violated where the Assessing Officer issued a so-called draft assessment order while already determining taxable income and tax payable, issuing a demand notice and initiating penalty proceedings. The Tribunal held that these steps could occur only after a final assessment order, so the document was in substance a final order passed without the required draft procedure. This was a jurisdictional defect, not a mere procedural irregularity, and section 292B could not cure it. The final assessment order, demand notice and penalty notice were therefore quashed, and the assessee's cross objection was allowed.
Mandatory compliance with section 144C was violated where the Assessing Officer issued a so-called draft assessment order while already determining taxable income and tax payable, issuing a demand notice and initiating penalty proceedings. The Tribunal held that these steps could occur only after a final assessment order, so the document was in substance a final order passed without the required draft procedure. This was a jurisdictional defect, not a mere procedural irregularity, and section 292B could not cure it. The final assessment order, demand notice and penalty notice were therefore quashed, and the assessee's cross objection was allowed.
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