https://www.taxtmi.com/caselaws?id=437892 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision regarding the legitimacy of trade payables and related interest expenditure, dismissing the revenue's appeal. Furthermore, the Tribunal quashed the assessment order under Section 143(3) due to procedural irregularities stemming from the Joint Commissioner of Income-tax's directions under Section 144A, which were issued without providing the assessee an opportunity to be heard. The assessment proceedings were deemed illegal and void, leading to the annulment of the assessment order. en-us Wed, 10 May 2023 00:00:00 +0530 Wed, 17 May 2023 08:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437892 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision regarding the legitimacy of trade payables and related interest expenditure, dismissing the revenue's appeal. Furthermore, the Tribunal quashed the assessment order under Section 143(3) due to procedural irregularities stemming from the Joint Commissioner of Income-tax's directions under Section 144A, which were issued without providing the assessee an opportunity to be heard. The assessment proceedings were deemed illegal and void, leading to the annulment of the assessment order. Case-Laws Income Tax Wed, 10 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437892