Penalty on exchange vacated for lack of evidence that exchange authorized subsidiaries' investments; Regulations 43(1) 2012 and 38(2) 2018 inapplicabl...
Petitioner not an eligible assessee under s.144C(15)(b); draft and final assessments under s.144C(1)/s.143(3)/s.144B quashed and penalty show-cause no...
The ITAT held that the reassessment order is void ab initio and quashed it in toto. The Tribunal found the impugned order unsigned, rendering it legally ineffective; proceedings were instituted and concluded against a struck-off/defunct company that had ceased to exist; and the addition related to an assessment year unconnected to the subject transaction. These defects, individually sufficient to vitiate the assessment, cumulatively established that the reassessment was a legal nullity. The erstwhile director's age and health-related difficulties in assembling records did not justify sustaining proceedings fundamentally flawed in form and jurisdiction. Consequentially, the reassessment and resultant additions were set aside.
The ITAT held that the reassessment order is void ab initio and quashed it in toto. The Tribunal found the impugned order unsigned, rendering it legally ineffective; proceedings were instituted and concluded against a struck-off/defunct company that had ceased to exist; and the addition related to an assessment year unconnected to the subject transaction. These defects, individually sufficient to vitiate the assessment, cumulatively established that the reassessment was a legal nullity. The erstwhile director's age and health-related difficulties in assembling records did not justify sustaining proceedings fundamentally flawed in form and jurisdiction. Consequentially, the reassessment and resultant additions were set aside.
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