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...
Search warrant substantially complied with statutory requirements despite listing bank account before assessee name; search validity sustained and grounds challenging panchnama dismissed. Assessment for the year of search was correctly framed under the ordinary assessment provision while assessments for the six preceding years fall under special post-search assessment procedure, so framing under the ordinary provision for the search year is upheld. Additions based solely on a definition provision were reversed because a charging provision is required to create tax liability; the appellate authority's recharacterisation as business income was rejected since no factual or commercial basis established that the taxpayer carried on such business.
Search warrant substantially complied with statutory requirements despite listing bank account before assessee name; search validity sustained and grounds challenging panchnama dismissed. Assessment for the year of search was correctly framed under the ordinary assessment provision while assessments for the six preceding years fall under special post-search assessment procedure, so framing under the ordinary provision for the search year is upheld. Additions based solely on a definition provision were reversed because a charging provision is required to create tax liability; the appellate authority's recharacterisation as business income was rejected since no factual or commercial basis established that the taxpayer carried on such business.
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