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Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Prior intimation under the first proviso to section 143(1)(a) is mandatory before making a proposed adjustment to deny a claimed concessional tax rate under section 115BAB. Where the CPC disallowed the concessional rate and applied the normal rate without first issuing intimation and considering the assessee's response, the adjustment was treated as invalid in law. The Tribunal also noted that, because the statutory time limit for issuing a fresh intimation had expired for the relevant assessment year, no liberty could be granted to restart the processing. The consequential intimation, rectification order, and appellate order were set aside.
Prior intimation under the first proviso to section 143(1)(a) is mandatory before making a proposed adjustment to deny a claimed concessional tax rate under section 115BAB. Where the CPC disallowed the concessional rate and applied the normal rate without first issuing intimation and considering the assessee's response, the adjustment was treated as invalid in law. The Tribunal also noted that, because the statutory time limit for issuing a fresh intimation had expired for the relevant assessment year, no liberty could be granted to restart the processing. The consequential intimation, rectification order, and appellate order were set aside.
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