Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
After a scheme of amalgamation/demerger, the assessee filed a modified return under s.170A to give effect to the scheme, and the AO thereafter completed assessment for the same assessment year, having been furnished particulars including losses and unabsorbed depreciation in the tax audit report. On these facts, the court found a strong prima facie case that a fresh notice under s.143(2) (and consequential s.142(1) notice) for the same year, seeking to reassess income on the basis of the modified return, was impermissible. Consequently, pending final disposal, the revenue was restrained from taking steps pursuant to the impugned notices, including passing any assessment order. - HC
After a scheme of amalgamation/demerger, the assessee filed a modified return under s.170A to give effect to the scheme, and the AO thereafter completed assessment for the same assessment year, having been furnished particulars including losses and unabsorbed depreciation in the tax audit report. On these facts, the court found a strong prima facie case that a fresh notice under s.143(2) (and consequential s.142(1) notice) for the same year, seeking to reassess income on the basis of the modified return, was impermissible. Consequently, pending final disposal, the revenue was restrained from taking steps pursuant to the impugned notices, including passing any assessment order. - HC
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