Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Where the assessee is an "eligible assessee" u/s 144C(15)(b) and the AO proposes variations prejudicial to it, issuance of a draft assessment order and recourse to the DRP mechanism are mandatory by virtue of the non-obstante scheme of s. 144C, which overrides other provisions including search assessment u/s 153A. Non-issuance of a draft order is a fatal, incurable jurisdictional defect, not curable u/s 292B, and participation cannot validate a void order. As the AO passed final orders u/s 153A without a draft order and beyond the strict statutory timeline, the assessments were held void ab initio and quashed; the appeals were allowed - ITAT
Where the assessee is an "eligible assessee" u/s 144C(15)(b) and the AO proposes variations prejudicial to it, issuance of a draft assessment order and recourse to the DRP mechanism are mandatory by virtue of the non-obstante scheme of s. 144C, which overrides other provisions including search assessment u/s 153A. Non-issuance of a draft order is a fatal, incurable jurisdictional defect, not curable u/s 292B, and participation cannot validate a void order. As the AO passed final orders u/s 153A without a draft order and beyond the strict statutory timeline, the assessments were held void ab initio and quashed; the appeals were allowed - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
