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...
For reassessment beyond three years, the Tribunal held that the recorded reasons must expressly satisfy the jurisdictional conditions in the proviso to section 148 and section 149(1)(b); vague references to an asset or books were insufficient, so the notices and consequential reassessments were void. It also held that material produced by a third person in response to a post-search summons under section 131 could not be treated as search material for Explanation 2 to section 148, and the Department had to follow section 148A if it wanted to rely on it. On the merits, blanket addition of two zeroes to all cash-book entries was rejected, though 16% profit estimation on supported unaccounted receipts was upheld; additions for land-development cash payments were sustained where corroborated, but an unsigned receipt issue was remitted for verification.
For reassessment beyond three years, the Tribunal held that the recorded reasons must expressly satisfy the jurisdictional conditions in the proviso to section 148 and section 149(1)(b); vague references to an asset or books were insufficient, so the notices and consequential reassessments were void. It also held that material produced by a third person in response to a post-search summons under section 131 could not be treated as search material for Explanation 2 to section 148, and the Department had to follow section 148A if it wanted to rely on it. On the merits, blanket addition of two zeroes to all cash-book entries was rejected, though 16% profit estimation on supported unaccounted receipts was upheld; additions for land-development cash payments were sustained where corroborated, but an unsigned receipt issue was remitted for verification.
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