Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
The ITAT set aside the CPC, Bengaluru intimation under s.143(1) of the Act, holding that the centralized adjustment restricting the assessee's claim of exemption under s.10(10AA) was invalid for failure to comply with the mandatory first proviso to s.143(1)(a). The Tribunal held that prior written or electronic intimation specifying the proposed adjustment and affording the assessee a 30-day opportunity to respond is a statutory precondition and an essential element of audi alteram partem. Absent such prior intimation, the adjustment was held to be ultravires and violative of natural justice. The impugned intimation was quashed and the appeal of the assessee was allowed.
The ITAT set aside the CPC, Bengaluru intimation under s.143(1) of the Act, holding that the centralized adjustment restricting the assessee's claim of exemption under s.10(10AA) was invalid for failure to comply with the mandatory first proviso to s.143(1)(a). The Tribunal held that prior written or electronic intimation specifying the proposed adjustment and affording the assessee a 30-day opportunity to respond is a statutory precondition and an essential element of audi alteram partem. Absent such prior intimation, the adjustment was held to be ultravires and violative of natural justice. The impugned intimation was quashed and the appeal of the assessee was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
