Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Final assessment order issued under the relevant incometax provisions without incorporating Dispute Resolution Panel directions is invalid because the transfer pricing officer has not passed any order implementing those directions; therefore the assessing officer's final order is null and void. The Tribunal held that it cannot set aside the assessment to allow the TPO to pass a future order or extend time for that purpose; consequence: assessment quashed and decision in favour of the taxpayer. Prior precedents cited include decisions recognising the requirement to incorporate DRP directions before a valid final assessment is framed.
Final assessment order issued under the relevant incometax provisions without incorporating Dispute Resolution Panel directions is invalid because the transfer pricing officer has not passed any order implementing those directions; therefore the assessing officer's final order is null and void. The Tribunal held that it cannot set aside the assessment to allow the TPO to pass a future order or extend time for that purpose; consequence: assessment quashed and decision in favour of the taxpayer. Prior precedents cited include decisions recognising the requirement to incorporate DRP directions before a valid final assessment is framed.
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