TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
HC invalidated final assessment order due to violation of natural justice principles under s.144B of IT Act. Assessee's one-day delay in responding to draft assessment order and requesting video conference hearing was deemed insufficient grounds to deny procedural rights. Court rejected revenue's argument regarding alternate remedies, holding that jurisdictional defect required immediate intervention. Assessment order declared void ab initio for failing to grant mandatory personal hearing. Consequential demand notice under s.156 and penalty notices under s.274, 270A read with s.271AA(1) also quashed as they stemmed from invalid assessment. Court emphasized that orders with civil consequences must strictly adhere to natural justice principles, including right to be heard.
HC invalidated final assessment order due to violation of natural justice principles under s.144B of IT Act. Assessee's one-day delay in responding to draft assessment order and requesting video conference hearing was deemed insufficient grounds to deny procedural rights. Court rejected revenue's argument regarding alternate remedies, holding that jurisdictional defect required immediate intervention. Assessment order declared void ab initio for failing to grant mandatory personal hearing. Consequential demand notice under s.156 and penalty notices under s.274, 270A read with s.271AA(1) also quashed as they stemmed from invalid assessment. Court emphasized that orders with civil consequences must strictly adhere to natural justice principles, including right to be heard.
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