This case involves Religare Enterprises Ltd. (Appellant) challenging an order passed by the AO under section 143(3) read with section 144C(13) of the Income Tax Act, 1961, for the assessment year 2016-17. The case discusses multiple grounds including the legality of the assessments, jurisdictional aspects, and procedural fairness.
The appeal arises from the final assessment order dated 31.03.2021 by the assessing officer (AO), further upheld by the Dispute Resolution Panel (DRP). The appellant contests several disallowances and adjustments made by the AO which were affirmed by the DRP.
The Tribunal addressed each issue methodically, dismissing the appeals by the assessee on multiple fronts, particularly emphasizing the proper application of laws and procedural requirements during the assessment. It held that the special audit and subsequent assessments were justified given the complex nature of the financial transactions involved.
The case demonstrates the critical evaluation of tax assessments involving complex corporate structures and highlights the need for clear compliance with statutory provisions. The Tribunal’s decision underscores the judiciary’s role in interpreting tax laws within the factual matrix of each case.
Case Analysis of Religare Enterprises Ltd. vs ACIT, Circle-19(1), New Delhi for AY 2016-17
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