https://www.taxtmi.com/caselaws?id=356227 The Court proceeded with the hearing despite the non-appearance of the assessee, emphasizing the importance of due process. The rejection of the application was justified based on the CBDT circular's provisions and the mandatory nature of the circular on tax authorities. The Court upheld the applicability of the circular and emphasized adherence to it in determining the outcome of the reference application. Ultimately, the application was rejected based on the assessment of the tax impact in relation to the reference, following the arguments presented by the revenue's advocate. en-us Tue, 12 Dec 2017 00:00:00 +0530 Tue, 27 Feb 2018 07:13:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356227 The Court proceeded with the hearing despite the non-appearance of the assessee, emphasizing the importance of due process. The rejection of the application was justified based on the CBDT circular's provisions and the mandatory nature of the circular on tax authorities. The Court upheld the applicability of the circular and emphasized adherence to it in determining the outcome of the reference application. Ultimately, the application was rejected based on the assessment of the tax impact in relation to the reference, following the arguments presented by the revenue's advocate. Case-Laws Income Tax Tue, 12 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356227