Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
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Relaxation under the FTP for genuine hardship requires a meaningful, reasoned consideration of the exporter's specific case, and administrative orders affecting rights must disclose cogent reasons rather than mechanical conclusions. The Court found that the authorities failed to address the claimed technical non-transmission of authorisation data, the asserted fulfilment of export obligations, and repeated requests for relief, and also denied a personal hearing despite specific requests. On that basis, the orders were set aside for non-application of mind and breach of natural justice, and the matter was remanded for fresh consideration with an effective hearing and a reasoned order.
Relaxation under the FTP for genuine hardship requires a meaningful, reasoned consideration of the exporter's specific case, and administrative orders affecting rights must disclose cogent reasons rather than mechanical conclusions. The Court found that the authorities failed to address the claimed technical non-transmission of authorisation data, the asserted fulfilment of export obligations, and repeated requests for relief, and also denied a personal hearing despite specific requests. On that basis, the orders were set aside for non-application of mind and breach of natural justice, and the matter was remanded for fresh consideration with an effective hearing and a reasoned order.
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