Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
A Customs Broker cannot be penalised for an exporter's misdeclaration unless the record shows knowledge, collusion, or a failure of due diligence under the Licensing Regulations. Here, the Tribunal found that the broker had obtained KYC documents, the branch-in-charge stated it had no knowledge of sugar being concealed in bags declared as raw rice, and the incorrect affidavit was only a clerical error. As there was no admissible evidence that the broker failed to advise the client or verify the information, the alleged violations of Regulations 10(d), 10(e) and 10(n) were unsustainable and the penalty was set aside.
A Customs Broker cannot be penalised for an exporter's misdeclaration unless the record shows knowledge, collusion, or a failure of due diligence under the Licensing Regulations. Here, the Tribunal found that the broker had obtained KYC documents, the branch-in-charge stated it had no knowledge of sugar being concealed in bags declared as raw rice, and the incorrect affidavit was only a clerical error. As there was no admissible evidence that the broker failed to advise the client or verify the information, the alleged violations of Regulations 10(d), 10(e) and 10(n) were unsustainable and the penalty was set aside.
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