Appeal allows set-aside of transfer pricing adjustment imputing notional interest on integrated intercompany receivables after net margin exceeded com...
The HC held in favour of the appellant that reassessment proceedings under s.148 were void for want of valid service of notice. The court found the record lacked the registered-post envelope and that issuance by speed post without acknowledgment did not satisfy the statutory requirement of "post" for invoking the presumption of service under s.27 of the Evidence Act; accordingly the presumption could not be invoked. Further, service by the Income Tax Officer was defective because the notice was not affixed at the assessee's last known address nor personally served as required by Order V r.17 CPC and Part II of s.282(i), rendering service invalid and relief granted to the appellant.
The HC held in favour of the appellant that reassessment proceedings under s.148 were void for want of valid service of notice. The court found the record lacked the registered-post envelope and that issuance by speed post without acknowledgment did not satisfy the statutory requirement of "post" for invoking the presumption of service under s.27 of the Evidence Act; accordingly the presumption could not be invoked. Further, service by the Income Tax Officer was defective because the notice was not affixed at the assessee's last known address nor personally served as required by Order V r.17 CPC and Part II of s.282(i), rendering service invalid and relief granted to the appellant.
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