Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
The High Court examined the validity of reassessment notices issued u/s 148 of the Income Tax Act by the Joint Assistant Commissioner (JAC) in light of the Faceless Assessment Scheme formulated u/s 151A. The key points are: The Act allows reassessment based on information from Risk Management System (RMS), audit objections, information from other countries, information u/s 135A schemes, or orders of Tribunals/Courts. The JAC can form an opinion based on such information and initiate reassessment proceedings u/s 148A. Information gathered during searches/surveys is also deemed as "information" for reassessment purposes under Explanation 2 to Section 148. The Faceless Assessment Scheme segregates the initiation of reassessment proceedings by the JAC from the actual faceless assessment by the National Faceless Assessment Centre (NFAC). The JAC examines information from RMS/other sources and forms an opinion on reassessment, while the NFAC conducts the actual faceless assessment through automated allocation. Rendering the JAC's powers redundant under the faceless scheme would conflict with beneficial construction principles and undermine provisions for comprehensive data analysis and informed decision-making. The High Court upheld the validity of notices issued by the JAC, observing a harmonious distribution of functions between the JAC and NF.
The High Court examined the validity of reassessment notices issued u/s 148 of the Income Tax Act by the Joint Assistant Commissioner (JAC) in light of the Faceless Assessment Scheme formulated u/s 151A. The key points are: The Act allows reassessment based on information from Risk Management System (RMS), audit objections, information from other countries, information u/s 135A schemes, or orders of Tribunals/Courts. The JAC can form an opinion based on such information and initiate reassessment proceedings u/s 148A. Information gathered during searches/surveys is also deemed as "information" for reassessment purposes under Explanation 2 to Section 148. The Faceless Assessment Scheme segregates the initiation of reassessment proceedings by the JAC from the actual faceless assessment by the National Faceless Assessment Centre (NFAC). The JAC examines information from RMS/other sources and forms an opinion on reassessment, while the NFAC conducts the actual faceless assessment through automated allocation. Rendering the JAC's powers redundant under the faceless scheme would conflict with beneficial construction principles and undermine provisions for comprehensive data analysis and informed decision-making. The High Court upheld the validity of notices issued by the JAC, observing a harmonious distribution of functions between the JAC and NF.
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