Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Transfer pricing of intra-group services required fresh examination because CUP could not be applied at nil without uncontrolled comparable transactions, and the TPO had to consider the evidence and additional evidence on actual receipt and nature of services; the impugned adjustment was therefore set aside and remanded. On unabsorbed depreciation, the Tribunal held that depreciation relating to earlier years, not absorbed by financial year 2002-03, merged with subsequent-year depreciation and was not subject to the earlier eight-year restriction after the amendment to section 32(2); the assessee's claim for carry forward and set-off beyond eight years was allowed and the Revenue's challenge was rejected.
Transfer pricing of intra-group services required fresh examination because CUP could not be applied at nil without uncontrolled comparable transactions, and the TPO had to consider the evidence and additional evidence on actual receipt and nature of services; the impugned adjustment was therefore set aside and remanded. On unabsorbed depreciation, the Tribunal held that depreciation relating to earlier years, not absorbed by financial year 2002-03, merged with subsequent-year depreciation and was not subject to the earlier eight-year restriction after the amendment to section 32(2); the assessee's claim for carry forward and set-off beyond eight years was allowed and the Revenue's challenge was rejected.
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