Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Penalty for concealment could not be sustained where short-term capital gains arising from a development agreement were omitted because the year of taxability was then debatable. The Tribunal noted that confirmation of the quantum addition did not, by itself, establish concealment or furnishing of inaccurate particulars. On the legal position prevailing when the return was filed, taxability could depend on execution of the agreement, performance by the developer, or completion and handing over of the constructed property. The penalty was therefore held to have been levied without proper appreciation of the legal uncertainty and was deleted.
Penalty for concealment could not be sustained where short-term capital gains arising from a development agreement were omitted because the year of taxability was then debatable. The Tribunal noted that confirmation of the quantum addition did not, by itself, establish concealment or furnishing of inaccurate particulars. On the legal position prevailing when the return was filed, taxability could depend on execution of the agreement, performance by the developer, or completion and handing over of the constructed property. The penalty was therefore held to have been levied without proper appreciation of the legal uncertainty and was deleted.
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