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...
Territorial jurisdiction of the Assessing Officer must be exercised strictly in accordance with the jurisdictional directions and notifications issued under section 120, and concurrent jurisdiction arises only where specifically conferred. On the facts, the assessee's business and return particulars were at Kolkata, no Patna branch was shown, and the PAN tagging to Patna was found to be an error; the notice issued by the Patna officer was therefore without jurisdiction. The Tribunal held that the notice under section 143(2) and the consequential assessments were void, and the appeals were allowed with the assessment orders quashed.
Territorial jurisdiction of the Assessing Officer must be exercised strictly in accordance with the jurisdictional directions and notifications issued under section 120, and concurrent jurisdiction arises only where specifically conferred. On the facts, the assessee's business and return particulars were at Kolkata, no Patna branch was shown, and the PAN tagging to Patna was found to be an error; the notice issued by the Patna officer was therefore without jurisdiction. The Tribunal held that the notice under section 143(2) and the consequential assessments were void, and the appeals were allowed with the assessment orders quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
