https://www.taxtmi.com/caselaws?id=338167 The Tribunal ruled that the procedural irregularity in not following the draft assessment order procedure did not invalidate the assessment order under section 144C of the Income Tax Act, 1961. The Assessing Officer was deemed to have jurisdiction to pass the order. Additionally, the guarantee fee was classified as a financial service subject to tax, rather than consideration for assuming financial risk. As a result, the appeal by the foreign company was allowed based on these determinations. en-us Fri, 30 Dec 2016 00:00:00 +0530 Tue, 24 Jan 2017 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338167 The Tribunal ruled that the procedural irregularity in not following the draft assessment order procedure did not invalidate the assessment order under section 144C of the Income Tax Act, 1961. The Assessing Officer was deemed to have jurisdiction to pass the order. Additionally, the guarantee fee was classified as a financial service subject to tax, rather than consideration for assuming financial risk. As a result, the appeal by the foreign company was allowed based on these determinations. Case-Laws Income Tax Fri, 30 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338167