SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
The High Court dismissed the writ petition challenging the assessment order made u/s 143(3) read with Section 260 for the assessment year 2021-22. The petitioner argued that the assessment should have been done in a faceless manner as per the scheme notified on 29th March 2022. However, the court held that the notification invoking Section 151A was for faceless assessment of income escaping assessment u/s 147, and not for regular assessments u/s 143(3). The court observed that Section 144B provides a complete code for faceless assessment, which was not applicable in this case. The Assessing Officer found the purchases from suppliers doubtful, raising questions of fact. The court was disinclined to interfere on such factual issues and dismissed the petition.
The High Court dismissed the writ petition challenging the assessment order made u/s 143(3) read with Section 260 for the assessment year 2021-22. The petitioner argued that the assessment should have been done in a faceless manner as per the scheme notified on 29th March 2022. However, the court held that the notification invoking Section 151A was for faceless assessment of income escaping assessment u/s 147, and not for regular assessments u/s 143(3). The court observed that Section 144B provides a complete code for faceless assessment, which was not applicable in this case. The Assessing Officer found the purchases from suppliers doubtful, raising questions of fact. The court was disinclined to interfere on such factual issues and dismissed the petition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
