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...
Validity of reopening of assessment was examined and the impugned reassessment order was quashed because the stated reasons for reopening did not align with the reasons in the order; the matter is remitted for fresh adjudication. The remand requires the assessing authority to afford the taxpayer another opportunity to file a detailed reply with supporting documents and to decide the matter on merits in accordance with law. The impugned order is to be treated as an addendum to the pre-assessment show cause notice and the petitioner must upload its reply when the portal permits; writ petition disposed.
Validity of reopening of assessment was examined and the impugned reassessment order was quashed because the stated reasons for reopening did not align with the reasons in the order; the matter is remitted for fresh adjudication. The remand requires the assessing authority to afford the taxpayer another opportunity to file a detailed reply with supporting documents and to decide the matter on merits in accordance with law. The impugned order is to be treated as an addendum to the pre-assessment show cause notice and the petitioner must upload its reply when the portal permits; writ petition disposed.
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