Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Faceless assessment requires a mandatory show cause notice under...
Faceless assessment notice must cover specific prejudicial variations; unexplained final additions without notice breach section 144B and natural justice.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Faceless assessment requires a mandatory show cause notice under section 144B(1)(xii) specifying each variation prejudicial to the assessee. Where the notice proposed only an ad hoc income estimate at 8% of turnover, but the final assessment instead made separate additions for unsecured loans and disallowances of interest and other expenses, the statutory notice requirement was not satisfied. Those final variations were not covered by the notice, so the assessment proceeded in breach of section 144B(1)(xii) and natural justice. The Tribunal sustained deletion of the additions and disallowances and dismissed the Revenue's challenge.
Faceless assessment requires a mandatory show cause notice under section 144B(1)(xii) specifying each variation prejudicial to the assessee. Where the notice proposed only an ad hoc income estimate at 8% of turnover, but the final assessment instead made separate additions for unsecured loans and disallowances of interest and other expenses, the statutory notice requirement was not satisfied. Those final variations were not covered by the notice, so the assessment proceeded in breach of section 144B(1)(xii) and natural justice. The Tribunal sustained deletion of the additions and disallowances and dismissed the Revenue's challenge.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
