Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The Appellate Tribunal (ITAT) considered the validity of reopening an assessment where the assessee's objections were not addressed. The power to reopen assessment lies solely with the Assessing Officer (AO) who must genuinely believe income has escaped assessment. If objections are raised, the AO must decide on them before finalizing the assessment. While the CIT(A) can enhance assessments, only the AO can reopen them. Failure to address objections renders the assessment invalid. Consequently, additions made in such assessments are unsustainable. The decision favored the assessee due to the flawed assessment process.
The Appellate Tribunal (ITAT) considered the validity of reopening an assessment where the assessee's objections were not addressed. The power to reopen assessment lies solely with the Assessing Officer (AO) who must genuinely believe income has escaped assessment. If objections are raised, the AO must decide on them before finalizing the assessment. While the CIT(A) can enhance assessments, only the AO can reopen them. Failure to address objections renders the assessment invalid. Consequently, additions made in such assessments are unsustainable. The decision favored the assessee due to the flawed assessment process.
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