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...
Where the assessment order and demand notice specified "nil" demand, and tax demand arose only subsequently through rectification under s.154, the assessee could not be treated as in default under s.220(1) so as to trigger interest under s.220(2). Interest under s.220(2) can run only after expiry of 30 days from service of a fresh notice of demand under s.156 consequent to the rectification, and cannot be levied for any prior period; an assessee cannot be penalised for the AO's computational error in the original assessment. Interest levied under s.220(2) was held unsustainable and directed to be deleted. - ITAT
Where the assessment order and demand notice specified "nil" demand, and tax demand arose only subsequently through rectification under s.154, the assessee could not be treated as in default under s.220(1) so as to trigger interest under s.220(2). Interest under s.220(2) can run only after expiry of 30 days from service of a fresh notice of demand under s.156 consequent to the rectification, and cannot be levied for any prior period; an assessee cannot be penalised for the AO's computational error in the original assessment. Interest levied under s.220(2) was held unsustainable and directed to be deleted. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
