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...
Assessment under section 144 was quashed because the assessing officer omitted the mandatory issuance of the statutory notice under section 143(2) after a return filed in response to a notice under section 142(1); the omission deprived the AO of jurisdiction to frame the assessment, and the return filed by the taxpayer was treated as valid. Consequentially, penalty under the penalty provision for failure to get accounts audited was deleted because the foundational assessment was invalid, applying the maxim Sublato fundamento cadit opus and resulting in allowance of the taxpayer's appeals.
Assessment under section 144 was quashed because the assessing officer omitted the mandatory issuance of the statutory notice under section 143(2) after a return filed in response to a notice under section 142(1); the omission deprived the AO of jurisdiction to frame the assessment, and the return filed by the taxpayer was treated as valid. Consequentially, penalty under the penalty provision for failure to get accounts audited was deleted because the foundational assessment was invalid, applying the maxim Sublato fundamento cadit opus and resulting in allowance of the taxpayer's appeals.
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