Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
The High Court held that the Assessing Officer was not justified in passing the assessment order invoking Section 144C(3) on the ground that the assessee did not file objections within the specified time u/s 144C(2)(b). The assessee had uploaded Form 35A on the Income Tax Portal and sent it physically within 30 days of receiving the draft order, fulfilling the requirement. The concept of a "draft order" was introduced with the faceless assessment scheme u/s 144B. Therefore, the assessment order and the DRP's order refraining from variations were contrary to Section 144C and liable to be quashed. Consequently, the provisional attachment u/s 281B also did not survive as it had already lived its life of 6 years without extension by the Assessing Officer after passing the assessment order.
The High Court held that the Assessing Officer was not justified in passing the assessment order invoking Section 144C(3) on the ground that the assessee did not file objections within the specified time u/s 144C(2)(b). The assessee had uploaded Form 35A on the Income Tax Portal and sent it physically within 30 days of receiving the draft order, fulfilling the requirement. The concept of a "draft order" was introduced with the faceless assessment scheme u/s 144B. Therefore, the assessment order and the DRP's order refraining from variations were contrary to Section 144C and liable to be quashed. Consequently, the provisional attachment u/s 281B also did not survive as it had already lived its life of 6 years without extension by the Assessing Officer after passing the assessment order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
