Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
The dominant issue was whether limitation for passing the final assessment order in a DRP case is governed by section 153(1) read with section 153(4), or by section 144C(13). Relying on prior coordinate bench precedent, which in turn followed Madras HC and Bombay HC, the Tribunal held that the statutory time bar must be computed under section 153(1) r/w section 153(4), making the last permissible date 30.09.2021. Since the final assessment order was passed on 07.07.2023, it was held to be time-barred and was quashed, resulting in the appeal being allowed. - ITAT
The dominant issue was whether limitation for passing the final assessment order in a DRP case is governed by section 153(1) read with section 153(4), or by section 144C(13). Relying on prior coordinate bench precedent, which in turn followed Madras HC and Bombay HC, the Tribunal held that the statutory time bar must be computed under section 153(1) r/w section 153(4), making the last permissible date 30.09.2021. Since the final assessment order was passed on 07.07.2023, it was held to be time-barred and was quashed, resulting in the appeal being allowed. - ITAT
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