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...
The High Court held that the appellate authority erred in enhancing the tax liability payable by the appellant/assessee in an appeal filed by the assessee without following the mandatory procedure u/s 107(11) of the Act. The assessing officer had quantified the tax liability at Rs.2,58,536.80, but imposed penalty on Rs.41,83,804.72. The appellate authority was required to consider the correctness of the tax liability fixed by the assessing officer and the penalty levied, but instead enhanced the tax liability without adhering to the statutory procedure. Consequently, the orders of both the appellate authority and assessing officer were set aside, and the matter was remanded to the assessing authority for fresh consideration after following due process.
The High Court held that the appellate authority erred in enhancing the tax liability payable by the appellant/assessee in an appeal filed by the assessee without following the mandatory procedure u/s 107(11) of the Act. The assessing officer had quantified the tax liability at Rs.2,58,536.80, but imposed penalty on Rs.41,83,804.72. The appellate authority was required to consider the correctness of the tax liability fixed by the assessing officer and the penalty levied, but instead enhanced the tax liability without adhering to the statutory procedure. Consequently, the orders of both the appellate authority and assessing officer were set aside, and the matter was remanded to the assessing authority for fresh consideration after following due process.
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