https://www.taxtmi.com/caselaws?id=434178 The Tribunal declared the draft assessment order issued by the National Faceless Assessment Centre (NaFAC) as invalid due to procedural lapses, including the issuance of a demand notice and penalty proceedings along with the draft order, violating section 144C of the Income Tax Act, 1961. Consequently, the final assessment order and all related proceedings, such as Transfer Pricing adjustments and penalty initiation, were deemed null and void. The appeal was partly allowed in favor of the assessee, with other grounds dismissed as infructuous. en-us Fri, 03 Feb 2023 00:00:00 +0530 Sat, 18 Feb 2023 06:49:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434178 The Tribunal declared the draft assessment order issued by the National Faceless Assessment Centre (NaFAC) as invalid due to procedural lapses, including the issuance of a demand notice and penalty proceedings along with the draft order, violating section 144C of the Income Tax Act, 1961. Consequently, the final assessment order and all related proceedings, such as Transfer Pricing adjustments and penalty initiation, were deemed null and void. The appeal was partly allowed in favor of the assessee, with other grounds dismissed as infructuous. Case-Laws Income Tax Fri, 03 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434178