NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
A scrutiny assessment was held invalid because the section 143(2) notice was issued by an officer lacking pecuniary jurisdiction under CBDT Instruction No. 1/2011. The return disclosed a loss above the limit assigned to the Income Tax Officer for metro charges, so jurisdiction vested in the Deputy Commissioner and not the ITO who issued the notice. The Tribunal treated the section 143(2) notice requirement as mandatory, not a curable procedural defect, and quashed the resulting assessment.
A scrutiny assessment was held invalid because the section 143(2) notice was issued by an officer lacking pecuniary jurisdiction under CBDT Instruction No. 1/2011. The return disclosed a loss above the limit assigned to the Income Tax Officer for metro charges, so jurisdiction vested in the Deputy Commissioner and not the ITO who issued the notice. The Tribunal treated the section 143(2) notice requirement as mandatory, not a curable procedural defect, and quashed the resulting assessment.
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