Working capital adjustment, comparable selection and trade receivables interest were revisited in transfer pricing, with key additions deleted and rem...
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The HC set aside an ex-parte assessment order under Section 74 for lack of reasoning and violation of natural justice principles. The petitioner challenged the assessment arising from a typographical error in their return where a decimal point was inadvertently omitted. The impugned order merely recorded issuance of show cause notice DRC-01A and absence of reply on the online portal, leading to ex-parte proceedings. However, the order failed to establish requisite findings of fraud, willful misstatement, or suppression of facts necessary for invoking Section 74. The HC found the order unsustainable due to absence of detailed reasoning and remitted the matter to the proper officer for re-adjudication in accordance with law.
The HC set aside an ex-parte assessment order under Section 74 for lack of reasoning and violation of natural justice principles. The petitioner challenged the assessment arising from a typographical error in their return where a decimal point was inadvertently omitted. The impugned order merely recorded issuance of show cause notice DRC-01A and absence of reply on the online portal, leading to ex-parte proceedings. However, the order failed to establish requisite findings of fraud, willful misstatement, or suppression of facts necessary for invoking Section 74. The HC found the order unsustainable due to absence of detailed reasoning and remitted the matter to the proper officer for re-adjudication in accordance with law.
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