Draft assessment procedure: non-issuance of mandatory draft order can invalidate assessments for foreign entities. The note explains that foreign companies fall within the category of eligible assessee for the draft-assessment procedure, which requires the assessing ... Summary
Draft assessment procedure: non-issuance of mandatory draft order can invalidate assessments for foreign entities.
The note explains that foreign companies fall within the category of eligible assessee for the draft-assessment procedure, which requires the assessing officer to issue a draft assessment order allowing objections before finalizing assessment; it emphasizes that failure to comply with this procedure can vitiate the final assessment and that appellate precedents treat such procedural lapses as legally significant.
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