Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
Reopening of assessment beyond three years under section 147 was challenged on the ground of invalid sanction under section 151. The Tribunal held that where the notice under section 148 is issued after three years, mandatory approval must be obtained from the Pr. CCIT; approval by the PCIT does not satisfy section 151 and vitiates the assumption of jurisdiction. Consequently, the section 148 notice was held void ab initio, and the reassessment order and the first appellate order were quashed, resulting in allowance of the appeal. - ITAT
Reopening of assessment beyond three years under section 147 was challenged on the ground of invalid sanction under section 151. The Tribunal held that where the notice under section 148 is issued after three years, mandatory approval must be obtained from the Pr. CCIT; approval by the PCIT does not satisfy section 151 and vitiates the assumption of jurisdiction. Consequently, the section 148 notice was held void ab initio, and the reassessment order and the first appellate order were quashed, resulting in allowance of the appeal. - ITAT
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