Tribunal held that a Section 148 notice issued by the Jurisdictional AO after 29.03.2022 is invalid under the faceless reassessment regime. It ruled that only the Faceless AO could issue such notices, vitiating the entire reassessment.
The Tribunal held that deposits in the assessee’s bank account represented genuine receivables from a previously acknowledged liquor business. Since the source was documented and undisputed, the Sec.69A addition of Rs.12.21 lakhs was deleted.
The Tribunal held that severance pay received on cessation of employment is taxable as “profits in lieu of salary” under Sec.17(3)(iii). Voluntariness or nomenclature of the payment is irrelevant post-2002 statutory amendment.
The Tribunal held that once the Final Assessment Order under Section 147/144C(3) is passed, the DRP has no jurisdiction to consider belated objections. Consequently, appeals against DRP directions in such cases are not maintainable.
Aveva Solutions India LLP Vs ITO (ITAT Hyderabad) DRP Route Cannot Extend Limitation: Assessment Beyond Section 153 Limit Struck Down by ITAT Hyderabad Tribunal examined the core legal issue of limitation for passing assessment u/s 143(3) r.w.s. 144C(13) in a Transfer Pricing case. Assessee contended that once the assessment year is 2021-22, the statutory time […]
The Tribunal found that sanction must come from the Principal Chief Commissioner when reopening is beyond the three-year period prescribed by the amended law. Because the approval was taken from the Pr. CIT, the reassessment lacked jurisdiction and was invalidated.
ITAT Hyderabad held that addition towards cash deposited during demonetization period cannot be approved since explanation of assessee is rejected without verification and also Standard Operation Procedures [SOP] provided in CBDT instruction No. 3/2017 dated 21/02/2017 also not followed. Accordingly, matter set aside to file of AO.
The Tribunal found that the CIT(A) did not examine or reason with respect to substantial documentary evidence submitted by the assessee. The case was remanded to the AO for fresh adjudication to ensure proper evaluation of bank statements, ledger entries, and receipts.
ITAT condones delay in filing appeal as the assessee’s police duties prevented timely submission, restoring the matter for adjudication on merits.
The Tribunal held that a captive software development service provider cannot be compared with giant IT companies owning IP, diversified services, and global operations. By excluding these functionally dissimilar comparables, the entire ₹10.58 crore TP adjustment was deleted.
