Sunday, 7 July 2013

Judicial Update

Judicial update:
In one of the case, the return of the assessee was processed u/s 143(1) of I T Act 1961 and later on the AO reopened the assessment u/s 148 on three grounds. One of the allegations was that as per report in form 3CEB,the assessee had intl transactions with associted enterprises and therefore determination of arm's length price is required. The AO did not make any addition on the first two allegations but made certain additions in respect of above allegation in view of report of TPO. the question arose whether it could be a valid reason for reopening. 

The hon'ble Del HC has held that this could not be said to be any reason u/s 148 since not supported by any material. 354 ITR 549

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