Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
The ITAT held that the reassessment proceedings initiated u/s 147 were void ab initio for want of jurisdiction: the AO failed to record cogent reasons or identify tangible material establishing escapement of income before issuing notice, despite knowledge that the assessee was a non-resident foreign company, a TRC holder and SEBI-FPI investor in NCDs whose sole Indian receipts were interest subjected to TDS u/s 194LD. Absent findings of a PE in India or applicability of POEM/s 6(3), there was no obligation to file a return u/s 139(1), and DTAA protections applied. Consequently the ITAT allowed the assessee's grounds and set aside the reassessment initiation.
The ITAT held that the reassessment proceedings initiated u/s 147 were void ab initio for want of jurisdiction: the AO failed to record cogent reasons or identify tangible material establishing escapement of income before issuing notice, despite knowledge that the assessee was a non-resident foreign company, a TRC holder and SEBI-FPI investor in NCDs whose sole Indian receipts were interest subjected to TDS u/s 194LD. Absent findings of a PE in India or applicability of POEM/s 6(3), there was no obligation to file a return u/s 139(1), and DTAA protections applied. Consequently the ITAT allowed the assessee's grounds and set aside the reassessment initiation.
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