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...
CBDT circulars are binding on tax authorities, but a circular cannot be used to prejudice the assessee where the Assessing Officer has adopted one legally possible view after detailed enquiry. The Tribunal found no lack of enquiry in a section 263 case, noted that the revision was triggered by an audit objection and not independent application of mind, and held that the dispute was only a timing difference with no prejudice to Revenue. It also held that concessionaire rights to construct, operate, maintain and collect toll under a concession agreement are licence-type business or commercial rights, or similar intangible assets, eligible for depreciation under section 32(1)(ii), including on opening written down value.
CBDT circulars are binding on tax authorities, but a circular cannot be used to prejudice the assessee where the Assessing Officer has adopted one legally possible view after detailed enquiry. The Tribunal found no lack of enquiry in a section 263 case, noted that the revision was triggered by an audit objection and not independent application of mind, and held that the dispute was only a timing difference with no prejudice to Revenue. It also held that concessionaire rights to construct, operate, maintain and collect toll under a concession agreement are licence-type business or commercial rights, or similar intangible assets, eligible for depreciation under section 32(1)(ii), including on opening written down value.
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