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 allowed the assessee's appeal, holding the assessment order dated 28/12/2019 passed u/s 143(3) invalid insofar as it proceeded beyond the scope of the limited scrutiny under notice dated 11/09/2018. The Tribunal found the AO treated a forfeited advance as income u/s 56(2)(ix) without this issue being included in the limited scrutiny notice and without obtaining prior approval of the PCIT as mandated by CBDT instructions under s.119. The AO therefore exceeded jurisdiction and breached departmental instructions; the resultant assessment is bad in law and set aside, with relief granted to the assessee on the legal issue.
ITAT allowed the assessee's appeal, holding the assessment order dated 28/12/2019 passed u/s 143(3) invalid insofar as it proceeded beyond the scope of the limited scrutiny under notice dated 11/09/2018. The Tribunal found the AO treated a forfeited advance as income u/s 56(2)(ix) without this issue being included in the limited scrutiny notice and without obtaining prior approval of the PCIT as mandated by CBDT instructions under s.119. The AO therefore exceeded jurisdiction and breached departmental instructions; the resultant assessment is bad in law and set aside, with relief granted to the assessee on the legal issue.
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TaxTMI 
TaxTMI 
of 4918 
