Case Law Analysis
|Income Tax Appellate Tribunal
Section 144C IT Act | Draft Assessment Order Must Exclude Demand Notice & Penalty Proceedings: ITAT Mumbai
ITAT Mumbai rules that draft assessment orders under Section 144C of the IT Act cannot legally include demand notices or penalty initiation, setting a precedent for procedural compliance in transfer pricing assessments. The decision invalidates assessment orders that bundle these elements, impacting multinational corporations and tax authorities.