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Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
ITAT quashed CIT(E)'s revision order under section 263, holding that the Commissioner cannot exercise revisional jurisdiction when identical issues are pending appeal before CIT(A). The tribunal applied the Doctrine of Merger, emphasizing that only one operative order can govern the same subject matter simultaneously. Since the assessment order under section 143(3) was not found erroneous or prejudicial to revenue's interests, the revisional order was set aside. The assessee's appeal was allowed, reinforcing procedural limitations on revisional powers when appellate proceedings are ongoing.
ITAT quashed CIT(E)'s revision order under section 263, holding that the Commissioner cannot exercise revisional jurisdiction when identical issues are pending appeal before CIT(A). The tribunal applied the Doctrine of Merger, emphasizing that only one operative order can govern the same subject matter simultaneously. Since the assessment order under section 143(3) was not found erroneous or prejudicial to revenue's interests, the revisional order was set aside. The assessee's appeal was allowed, reinforcing procedural limitations on revisional powers when appellate proceedings are ongoing.
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