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...
Approval under section 148B must reflect independent consideration of the draft assessment order, proposed additions and supporting material; a bare grant of approval is a mechanical exercise and invalid. The Tribunal held that the approving authority must indicate some application of mind in the approval record, failing which the safeguard becomes an empty formality. Applying that principle, it found the approvals in the connected matters invalid and treated the consequential assessments as non est in law, without examining the merits.
Approval under section 148B must reflect independent consideration of the draft assessment order, proposed additions and supporting material; a bare grant of approval is a mechanical exercise and invalid. The Tribunal held that the approving authority must indicate some application of mind in the approval record, failing which the safeguard becomes an empty formality. Applying that principle, it found the approvals in the connected matters invalid and treated the consequential assessments as non est in law, without examining the merits.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
