Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
ITAT held the reassessment proceedings invalid on the ground that the notice issued under s.148 by the Jurisdictional Assessing Officer (JAO) after the relevant CBDT notification was without legal authority under the faceless assessment scheme. Following the binding ruling of the Telangana HC, ITAT quashed the impugned s.148 notice dated 07.04.2022 and, consequentially, the reassessment framed thereunder. ITAT noted that the issue is pending before the SC in a Revenue SLP concerning similar legal questions and recorded that the parties are at liberty to seek revival and modification of this order depending on the SC's final decision. The assessee's appeal was accordingly allowed, with liberty as stated.
ITAT held the reassessment proceedings invalid on the ground that the notice issued under s.148 by the Jurisdictional Assessing Officer (JAO) after the relevant CBDT notification was without legal authority under the faceless assessment scheme. Following the binding ruling of the Telangana HC, ITAT quashed the impugned s.148 notice dated 07.04.2022 and, consequentially, the reassessment framed thereunder. ITAT noted that the issue is pending before the SC in a Revenue SLP concerning similar legal questions and recorded that the parties are at liberty to seek revival and modification of this order depending on the SC's final decision. The assessee's appeal was accordingly allowed, with liberty as stated.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
