The EU’s AI Act, which officially went into effect on August 1, laid the foundation for these new guidelines. However, there were gaps left in regulating more complex AI systems At the heart of this draft are rules around transparency, copyright, risk assessment, and governance. File Image The European Union has released the first draft of its Code of Practice …
The Chennai ITAT held that the AO must pass a draft assessment order to the eligible assessee in case he proposes to make any variation in the income or loss returned which is prejudicial to the interest of such assessee. Section 144C of the Income Tax Act provides that in case of certain eligible assessees, viz., foreign companies and any …
On finding that the approval granted u/s 153D is not in accordance with the provisions of the Income Tax Act, the New Delhi ITAT held the approval granted u/s 153D is invalid and set aside the order passed by the First Appellate Authority as he acted as a mere rubber stamp. It is further clear that on the very same …
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