De-notification of Customs Area and termination of Container Freight Station custodian and Customs Cargo Service Provider authority effective 07-01-20...
Transition support services from corporate spinoff for India business segment - TP adjustment deleted; comparables reassessed; goodwill depreciation, ...
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ITAT allowed the assessee's appeal and quashed the reassessment order passed u/s 147 r.w.s. 144B. The AO had reopened the assessment solely on the belief that income had escaped assessment by non-application of s.50C (capital gains on transfer of land/building). However, in the reassessment, no addition was made under s.50C; instead, the AO invoked s.43CA (business income on transfer of land/building held as stock-in-trade), which was never part of the recorded reasons. Holding this change impermissible, ITAT declared the reassessment invalid and set it aside.
ITAT allowed the assessee's appeal and quashed the reassessment order passed u/s 147 r.w.s. 144B. The AO had reopened the assessment solely on the belief that income had escaped assessment by non-application of s.50C (capital gains on transfer of land/building). However, in the reassessment, no addition was made under s.50C; instead, the AO invoked s.43CA (business income on transfer of land/building held as stock-in-trade), which was never part of the recorded reasons. Holding this change impermissible, ITAT declared the reassessment invalid and set it aside.
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