Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The ITAT held that the final assessment order under s.143(3) was invalid as the Assessing Officer failed to issue a mandatory draft assessment order under s.144C(1) for an eligible assessee (foreign company). This procedural violation constituted a non-curable defect, as it denied the assessee's statutory right to raise grievances before finalization of the assessment. The Revenue did not dispute that the assessee qualified as an "eligible assessee" under s.144C(15)(ii), which required the issuance of a draft order. Consequently, the Tribunal quashed the final assessment order, determining that such procedural non-compliance could not be remedied retrospectively.
The ITAT held that the final assessment order under s.143(3) was invalid as the Assessing Officer failed to issue a mandatory draft assessment order under s.144C(1) for an eligible assessee (foreign company). This procedural violation constituted a non-curable defect, as it denied the assessee's statutory right to raise grievances before finalization of the assessment. The Revenue did not dispute that the assessee qualified as an "eligible assessee" under s.144C(15)(ii), which required the issuance of a draft order. Consequently, the Tribunal quashed the final assessment order, determining that such procedural non-compliance could not be remedied retrospectively.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
