Transfer Pricing Officer jurisdiction is transaction-specific, excluding permanent establishment determinations and requiring independent assessment o...
Rental income valuation requires credible local comparables; family-business salary and commercially expedient unsecured-loan interest remained deduct...
Under the second proviso to section 153A(1), initiation of a search abates a scrutiny assessment that remains pending for an assessment year within the prescribed search period. Accordingly, once the pending assessment for AY 2013-14 abated, the Assessing Officer had no jurisdiction to complete the regular assessment under section 143(3). The resulting assessment was non-est, and proceedings consequential upon it were also non-est.
Under the second proviso to section 153A(1), initiation of a search abates a scrutiny assessment that remains pending for an assessment year within the prescribed search period. Accordingly, once the pending assessment for AY 2013-14 abated, the Assessing Officer had no jurisdiction to complete the regular assessment under section 143(3). The resulting assessment was non-est, and proceedings consequential upon it were also non-est.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
