Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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ITAT adjudicated a tax assessment dispute regarding time-barred order limitations. The tribunal determined that the Assessment Officer's (AO) final assessment order passed on 24.08.2022 was beyond statutory limitation under section 144C(13), referencing Madras HC precedent which emphasized that limitation periods cannot be manipulated through internal procedural variations. The tribunal held that since DRP directions were received on 30.06.2022 at 9:53 p.m., the subsequent assessment order exceeded permissible timelines. Consequently, the tribunal allowed the assessee's appeal, declaring the additions in the assessment order void ab initio and directing their deletion.
ITAT adjudicated a tax assessment dispute regarding time-barred order limitations. The tribunal determined that the Assessment Officer's (AO) final assessment order passed on 24.08.2022 was beyond statutory limitation under section 144C(13), referencing Madras HC precedent which emphasized that limitation periods cannot be manipulated through internal procedural variations. The tribunal held that since DRP directions were received on 30.06.2022 at 9:53 p.m., the subsequent assessment order exceeded permissible timelines. Consequently, the tribunal allowed the assessee's appeal, declaring the additions in the assessment order void ab initio and directing their deletion.
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