Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
Validity of Faceless assessment u/s 144 r.w.s.144B - The High Court observed that the impugned order indeed failed to comply with the prescribed procedure under Section 144B of the Act. The absence of a proceeding shifting the assessment from the Central Assessment Circle to the regular assessment circle, as well as the failure to issue notices u/s 143(2) and 144B(1)(iii) of the Act, rendered the order invalid. The High Court observed that the combination of show cause notice and draft assessment order into a single document was procedurally incorrect. The court referenced a previous ruling that such a combination was impermissible, undermining the statutory framework designed to ensure transparency and accountability in assessments.
Validity of Faceless assessment u/s 144 r.w.s.144B - The High Court observed that the impugned order indeed failed to comply with the prescribed procedure under Section 144B of the Act. The absence of a proceeding shifting the assessment from the Central Assessment Circle to the regular assessment circle, as well as the failure to issue notices u/s 143(2) and 144B(1)(iii) of the Act, rendered the order invalid. The High Court observed that the combination of show cause notice and draft assessment order into a single document was procedurally incorrect. The court referenced a previous ruling that such a combination was impermissible, undermining the statutory framework designed to ensure transparency and accountability in assessments.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
