TP Adjustment - TPO did not propose any adjustment. - AO ...

Assessing Officer's Valuation Deviation Lacks Legal and Factual Support, Ignoring Transfer Pricing Officer's Findings.

November 25, 2023

Case Laws Income Tax AT

TP Adjustment - TPO did not propose any adjustment. - AO deviated from the order of TPO. - where TPO has not proposed any adjustment and valuation has been adopted by the AO without verifying the true and correct facts qua the assets, we are unable to sustain such erroneous finding both on legality and facts. - AT

View Source

← Previous Next →

TP Adjustment - TPO did not propose any adjustment. - AO ...

Assessing Officer's Valuation Deviation Lacks Legal and Factual Support, Ignoring Transfer Pricing Officer's Findings.

November 25, 2023

Case Laws Income Tax AT

You may also like:

The assessee objected to the valuation report prepared by the district valuation officer and the stamp duty rate. The assessing officer referred the matter to the...

Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

The High Court quashed the reopening of assessments u/s 148, holding that the reasons recorded by the Assessing Officer were cryptic, vague, lacking nexus, and...

Penalty u/s 271(1)(c) - The Appellate Tribunal observed that the appellant, during reassessment proceedings, had filed their return of income but failed to provide...

Reopening of assessment u/s 147 - difference pointed out by the DVO in his valuation report - There should be a live link between the material coming to the notice of...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Validity of additions made u/s 153A, 69C, 68, and 69A of the Income Tax Act. It discusses the lack of incriminating material or documents found during the search to...

The Income Tax Appellate Tribunal (ITAT) held that when the valuation officer fails to submit the valuation report within a reasonable time, the assessing officer cannot...

The assessee's reconciliation explained total purchases, including capital goods and purchase returns, tallying with recorded purchases. The Tribunal correctly held that...

Formation of belief by the Assessing Officer that income has escaped assessment is the crux of the reopening provision. The reasons recorded must be based on tangible...

Appellate Tribunal held that the Assessing Officer failed to provide findings for rejecting assessee's claim of exemption as a startup from applicability of section...

Valuation of property - assessee clearly objected before the Assessing Officer against the adoption of stamp duty valuation - It was duty of the Assessing Officer to...

Validity of Reopening of assessment u/s 147 - reason to believe - Reply of the assessee through reproduced but the contents thereof are not even referred or analyzed...

Reopening of assessment u/s 147 - Disallowance u/s 14A - If at all he has considered, he has not even passed the assessment order by ignoring the provisions of law, i.e....

Assessment proceedings against one of the legal heirs - deceased/assessee had admittedly more than one legal representatives - Despite the legal heir's explicit...

Quick Updates: