Dispute Resolution Panel

Income Tax Appellate Tribunal (ITAT)
Case BriefsTribunals/Commissions/Regulatory Bodies

It is a trite law that the reasons, as recorded for reopening the reassessment, are to be examined on a standalone basis to determine the validity of proceedings under section 147 IT Act.

Income Tax Appellate Tribunal (ITAT)
Case BriefsTribunals/Commissions/Regulatory Bodies

ITAT noted that an identical issue was subject matter of consideration of the Tribunal in assessee’s own case, hence following the precedent, the Tribunal directed that the payment received in this case cannot be treated as FTS under Article 12 (5) of India Netherlands DTAA.