Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Purchase and resale of cargo space by a freight forwarder on its own account was held to be a principal-to-principal trading transaction, not an intermediary or composite taxable service. The Tribunal found that mere markup between buying and selling prices did not prove rendition of Business Support Service or any other service, and the alleged local transportation, cargo handling, labour and facilitation services were unsupported by evidence. It also noted that the appellant bore the risk of unsold space and acted as principal, consistent with the departmental clarification that such activity is not intermediary service. The surplus from resale was treated as business income from trading in space, so the service tax, interest and penalties were set aside.
Purchase and resale of cargo space by a freight forwarder on its own account was held to be a principal-to-principal trading transaction, not an intermediary or composite taxable service. The Tribunal found that mere markup between buying and selling prices did not prove rendition of Business Support Service or any other service, and the alleged local transportation, cargo handling, labour and facilitation services were unsupported by evidence. It also noted that the appellant bore the risk of unsold space and acted as principal, consistent with the departmental clarification that such activity is not intermediary service. The surplus from resale was treated as business income from trading in space, so the service tax, interest and penalties were set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
