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...
ITAT held that the assessment framed by ITO Ward 9(4), Kolkata is nullity for want of jurisdiction where notice under s.143(2) was issued by ITO Ward 10(2), Kolkata but the jurisdictional AO (Ward 9(4)) proceeded to frame assessment without issuance of a fresh statutory s.143(2) notice. The Tribunal concluded that issuance of the statutory s.143(2) notice is a precondition to confer jurisdiction on the AO; absent such notice the assessment cannot be sustained. The appeal by the taxpayer was allowed and the assessment framed by ITO Ward 9(4) was set aside.
ITAT held that the assessment framed by ITO Ward 9(4), Kolkata is nullity for want of jurisdiction where notice under s.143(2) was issued by ITO Ward 10(2), Kolkata but the jurisdictional AO (Ward 9(4)) proceeded to frame assessment without issuance of a fresh statutory s.143(2) notice. The Tribunal concluded that issuance of the statutory s.143(2) notice is a precondition to confer jurisdiction on the AO; absent such notice the assessment cannot be sustained. The appeal by the taxpayer was allowed and the assessment framed by ITO Ward 9(4) was set aside.
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