Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
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Whether the assessment order was valid when the AO assessed receipts on a substantive basis despite binding DRP directions to compute income only on a protective basis under s. 44DA was the dominant issue. Since the DRP had accepted taxability on the footing of a PE but expressly limited computation to a protective basis, the AO's substantive assessment amounted to exceeding jurisdiction and violating mandatory directions under the statutory scheme. Consequently, the final assessment order, having been passed in breach of DRP directions, was held void ab initio and quashed, with the assessee's additional ground allowed. - ITAT
Whether the assessment order was valid when the AO assessed receipts on a substantive basis despite binding DRP directions to compute income only on a protective basis under s. 44DA was the dominant issue. Since the DRP had accepted taxability on the footing of a PE but expressly limited computation to a protective basis, the AO's substantive assessment amounted to exceeding jurisdiction and violating mandatory directions under the statutory scheme. Consequently, the final assessment order, having been passed in breach of DRP directions, was held void ab initio and quashed, with the assessee's additional ground allowed. - ITAT
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