Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Co-terminus appellate powers permit a first appellate authority to remit a matter for fresh factual verification where the assessment was made ex parte and substantial documentary evidence, including ledger accounts, invoices, gate passes, weighment slips, financial statements, audit report and bank statements, requires examination. The Tribunal upheld the remand for denovo adjudication because proper verification of the sales transactions was necessary and no prejudice to the Revenue was shown. It also held that notice under section 143(2) is a mandatory precondition for a valid reassessment after a return is filed in response to section 148, and that section 292BB cannot cure a complete absence of such notice. The reassessment was therefore void and the addition was deleted.
Co-terminus appellate powers permit a first appellate authority to remit a matter for fresh factual verification where the assessment was made ex parte and substantial documentary evidence, including ledger accounts, invoices, gate passes, weighment slips, financial statements, audit report and bank statements, requires examination. The Tribunal upheld the remand for denovo adjudication because proper verification of the sales transactions was necessary and no prejudice to the Revenue was shown. It also held that notice under section 143(2) is a mandatory precondition for a valid reassessment after a return is filed in response to section 148, and that section 292BB cannot cure a complete absence of such notice. The reassessment was therefore void and the addition was deleted.
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