Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Validity of adjustments made in an intimation u/s 143(1) of the Income Tax Act, where there was a mismatch between the income tax return and the tax audit report filed by the assessee. The key issue was whether the Centralized Processing Centre (CPC) could make adjustments u/s 143(1)(a) while processing the return without complying with the first proviso, which requires prior intimation to the assessee. The Tribunal held that any proposed adjustment necessitates prior intimation to the assessee, either in writing or electronically, as per the first proviso to Section 143(1)(a). The CPC failed to issue such prior intimation before making the adjustment. Consequently, the impugned intimation issued u/s 143(1)(a) was not in compliance with the provisos and was deemed invalid under the Act. The assessee's appeal was allowed.
Validity of adjustments made in an intimation u/s 143(1) of the Income Tax Act, where there was a mismatch between the income tax return and the tax audit report filed by the assessee. The key issue was whether the Centralized Processing Centre (CPC) could make adjustments u/s 143(1)(a) while processing the return without complying with the first proviso, which requires prior intimation to the assessee. The Tribunal held that any proposed adjustment necessitates prior intimation to the assessee, either in writing or electronically, as per the first proviso to Section 143(1)(a). The CPC failed to issue such prior intimation before making the adjustment. Consequently, the impugned intimation issued u/s 143(1)(a) was not in compliance with the provisos and was deemed invalid under the Act. The assessee's appeal was allowed.
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