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...
Where reopening is founded on material seized in a third-party search, section 153C operates as the special procedure for assessment of that other person and overrides general reassessment under section 147; the reassessment was therefore void ab initio and the annulment was upheld. On merits, additions for alleged cash loans and interest based only on a retracted survey statement could not stand because no independent corroborative evidence was produced and the seized broker documents did not implicate the assessee. The Tribunal accordingly dismissed the Revenue's challenge and sustained the finding that the additions were unsustainable.
Where reopening is founded on material seized in a third-party search, section 153C operates as the special procedure for assessment of that other person and overrides general reassessment under section 147; the reassessment was therefore void ab initio and the annulment was upheld. On merits, additions for alleged cash loans and interest based only on a retracted survey statement could not stand because no independent corroborative evidence was produced and the seized broker documents did not implicate the assessee. The Tribunal accordingly dismissed the Revenue's challenge and sustained the finding that the additions were unsustainable.
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