Scope of limited scrutiny - AO has not taken any such approval ...

Assessing Officer Oversteps Limited Scrutiny by Recharacterizing Income Without Approval; Transfer Pricing Verified Correctly by TPO.

January 18, 2023

Case Laws Income Tax AT

Scope of limited scrutiny - AO has not taken any such approval of the concerned authorities - Once, the international transactions reported in Form 3CEB have been verified by the TPO and no adjustments were suggested, it has to be accepted that assessee has reported the transactions correctly. Therefore, then, the purpose of limited scrutiny gets sub-served and the matter should have ended there. However, the Assessing Officer exceeding his jurisdiction has ventured into recheracterizing the nature and character of a particular item of income, which in our view, is beyond the scope of limited scrutiny. - AT

View Source

← Previous Next →

Scope of limited scrutiny - AO has not taken any such approval ...

Assessing Officer Oversteps Limited Scrutiny by Recharacterizing Income Without Approval; Transfer Pricing Verified Correctly by TPO.

January 18, 2023

Case Laws Income Tax AT

You may also like:

The case pertains to the scope of limited scrutiny by the assessing officer regarding computation of capital gains u/s 45 and providing exemption u/s 54B of the Income...

Conversion of limited scrutiny into complete scrutiny assessment u/s 143(3) - where the Assessing officer has taken up fresh issue without converting limited scrutiny to...

Complete Scrutiny v/s Limited scrutiny - In the assessee`s case under consideration the issue of mismatch of sales shown in the audit report vis-à-vis ITR was for...

Scope of limited scrutiny - mandation of recording satisfaction before extending/expanding scope of scrutiny - the Assessment framed by the Assessing Officer on the...

Scope of limited scrutiny - Assessing Officers should abide by the instructions of CBDT while completing limited scrutiny assessments and should be scrupulous about...

Conversion of “Limited Scrutiny” into “Complete Scrutiny” - Expanding the scope of limited scrutiny assessment without necessary approval - Since the notice under...

Scope of limited scrutiny - cash deposits in the Bank accounts being more than the turnover - The impugned addition made by the AO on account of profit allegedly earned...

The case involved the scope of limited scrutiny and the validity of a notice u/s 143(2) of the Income Tax Act. The assessee's case was selected for limited scrutiny to...

Additions beyond the scope of limited scrutiny assessment - Conversions of Limited Scrutiny to Extensive Scrutiny - no steps has been taken to convert the limited...

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 Appellate Tribunal considered a case involving the revision u/s 263 of the Act regarding the allowability of deduction of interest claimed u/s 57. The Tribunal held...

ITAT ruled that Assessing Officer (AO) did not exceed jurisdiction in conducting complete scrutiny without additional approval. Case involved three significant factors:...

The Income Tax Appellate Tribunal held that the Assessing Officer cannot arbitrarily reduce agricultural income and add it as income from other sources based on mere...

The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the...

Conversion of limited scrutiny into complete scrutiny assessment - AO has not referred to any credible or reliable material or information to form the view that there...

Quick Updates: