https://www.taxtmi.com/caselaws?id=435135 The Appellate Tribunal held that the assessment order under section 143(3) of the Income-tax Act was not erroneous. The Tribunal upheld the validity of the order, stating that the Assessing Officer had followed due process in limited scrutiny. Regarding taxability of income from shipping, the Tribunal ruled in favor of the assessee, holding that income from international traffic was taxable only in the country of residence. The Tribunal also disagreed with the CIT's treatment of inward freight income as royalty for coastal traffic, deeming it inconsistent. The Tribunal set aside the CIT's order under section 263 and reinstated the AO's assessment order. en-us Thu, 09 Mar 2023 00:00:00 +0530 Mon, 13 Mar 2023 08:41:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435135 The Appellate Tribunal held that the assessment order under section 143(3) of the Income-tax Act was not erroneous. The Tribunal upheld the validity of the order, stating that the Assessing Officer had followed due process in limited scrutiny. Regarding taxability of income from shipping, the Tribunal ruled in favor of the assessee, holding that income from international traffic was taxable only in the country of residence. The Tribunal also disagreed with the CIT's treatment of inward freight income as royalty for coastal traffic, deeming it inconsistent. The Tribunal set aside the CIT's order under section 263 and reinstated the AO's assessment order. Case-Laws Income Tax Thu, 09 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435135