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 held that under Section 144C of the Income Tax Act, 1961, the Assessing Officer (AO) is mandatorily required to forward a draft assessment order to an eligible assessee when proposing variations prejudicial to the assessee's interests. In this case, the AO erroneously passed a final assessment order under Section 143(3) without following the prescribed procedure of issuing a draft order and providing an opportunity for representation. Consequently, the court remanded the matter, directing the AO to comply with Section 144C's procedural requirements, specifically forwarding a draft assessment order to the eligible assessee before finalizing the assessment, thereby ensuring procedural fairness and adherence to statutory provisions.
HC held that under Section 144C of the Income Tax Act, 1961, the Assessing Officer (AO) is mandatorily required to forward a draft assessment order to an eligible assessee when proposing variations prejudicial to the assessee's interests. In this case, the AO erroneously passed a final assessment order under Section 143(3) without following the prescribed procedure of issuing a draft order and providing an opportunity for representation. Consequently, the court remanded the matter, directing the AO to comply with Section 144C's procedural requirements, specifically forwarding a draft assessment order to the eligible assessee before finalizing the assessment, thereby ensuring procedural fairness and adherence to statutory provisions.
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