Reassessment under s.148A held valid; s.69 additions totaling Rs.7,00,000 deleted after acceptable contemporaneous explanations for property investmen...
Adjudication set aside; Rule 9 valuation based on internet engineer report quashed for Rule 3(4) non-compliance; Section 138B cross-examination requir...
ITAT held: the challenge to the assessment under s.153 is kept open pending adjudication before the Hon'ble SC; AO directed to give effect to the SC outcome in the pending proceedings. Claim for deduction under s.80IA was remanded to the AO for factual verification under the second proviso to s.80IA(4) to determine whether the projects commenced development or O&M on/after 1.4.2017, precluding a conclusive appellate finding. On TP adjustments, ITAT found the specified domestic transactions benchmarked on CUP valid: where the AE passed government receipts to the assessee without mark-up under back-to-back contracts, those receipts constituted ALP; TPO's reallocation of corporate costs exceeded TP scope, so AO's TP additions were deleted.
ITAT held: the challenge to the assessment under s.153 is kept open pending adjudication before the Hon'ble SC; AO directed to give effect to the SC outcome in the pending proceedings. Claim for deduction under s.80IA was remanded to the AO for factual verification under the second proviso to s.80IA(4) to determine whether the projects commenced development or O&M on/after 1.4.2017, precluding a conclusive appellate finding. On TP adjustments, ITAT found the specified domestic transactions benchmarked on CUP valid: where the AE passed government receipts to the assessee without mark-up under back-to-back contracts, those receipts constituted ALP; TPO's reallocation of corporate costs exceeded TP scope, so AO's TP additions were deleted.
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