Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
The ITAT held that while CPC/ADIT is empowered to rectify an intimation issued u/s 143(1), any suo motu rectification u/s 154 must mandatorily comply with s.154(3) by issuing prior notice to the assessee. In the present case, CPC passed a rectification order dated 06.04.2022 without serving such notice and incorrectly recorded that the rectification was at the assessee's instance. The ITAT found this to be a jurisdictional defect rendering the rectification order invalid. Consequently, the ITAT set aside the order of the Ld. CIT(A) and directed the AO/CPC to cancel the impugned rectification order. The assessee's appeal was allowed, restoring the original intimation u/s 143(1).
The ITAT held that while CPC/ADIT is empowered to rectify an intimation issued u/s 143(1), any suo motu rectification u/s 154 must mandatorily comply with s.154(3) by issuing prior notice to the assessee. In the present case, CPC passed a rectification order dated 06.04.2022 without serving such notice and incorrectly recorded that the rectification was at the assessee's instance. The ITAT found this to be a jurisdictional defect rendering the rectification order invalid. Consequently, the ITAT set aside the order of the Ld. CIT(A) and directed the AO/CPC to cancel the impugned rectification order. The assessee's appeal was allowed, restoring the original intimation u/s 143(1).
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