Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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