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...
Failure to consider a taxpayer's reply to the pre-show cause intimation and supporting documents vitiated the subsequent DRC-01 show cause notice. The HC noted the admitted position that the objections filed against the DRC-01A notice were not examined before issuance of the notice denying input tax credit. In light of the State's statement that the materials would be considered afresh, the Court quashed the impugned notice and directed the competent authority to reconsider the objections and documents and pass a fresh speaking and reasoned order in accordance with law within the stipulated time.
Failure to consider a taxpayer's reply to the pre-show cause intimation and supporting documents vitiated the subsequent DRC-01 show cause notice. The HC noted the admitted position that the objections filed against the DRC-01A notice were not examined before issuance of the notice denying input tax credit. In light of the State's statement that the materials would be considered afresh, the Court quashed the impugned notice and directed the competent authority to reconsider the objections and documents and pass a fresh speaking and reasoned order in accordance with law within the stipulated time.
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