Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
HC allowed the petition, setting aside the tax demand notice issued u/s 156 due to computational errors. The court found significant discrepancies in the Assessing Officer's (AO) tax calculation and recognized the appellate order granting exemption u/s 10(26AAB). The HC directed a fresh computation of tax liability, effectively nullifying the original demand notice and the additions made u/s 69 and 69A of the Income Tax Act. The decision fundamentally rectifies the erroneous tax assessment by mandating a comprehensive recalculation that aligns with the previously granted exemption.
HC allowed the petition, setting aside the tax demand notice issued u/s 156 due to computational errors. The court found significant discrepancies in the Assessing Officer's (AO) tax calculation and recognized the appellate order granting exemption u/s 10(26AAB). The HC directed a fresh computation of tax liability, effectively nullifying the original demand notice and the additions made u/s 69 and 69A of the Income Tax Act. The decision fundamentally rectifies the erroneous tax assessment by mandating a comprehensive recalculation that aligns with the previously granted exemption.
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