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2012 (9) TMI 198 - HC - Income TaxValidity of revisionary order passed u/s 264 - dispute regarding remuneration paid to working partners - non-speaking order - Held that:- It is well settled position in law that one of the basic principle of natural justice is that the Authority concerned must pass a speaking order, so as to enable a party to know the reasons, as to why his application is being either accepted or rejected. This giving of reasons also ensures due application of mind to the facts by the Authority concerned. The impugned order is bereft of reasons and therefore, quashed and set aside. CIT directed to dispose of the petitioner's Revision application u/s 264 - Decided in favor of assessee.
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