Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Offshore principal-to-principal sales of cars were held not taxable in India because the Indian distributor was an independent entity and did not constitute either a fixed place permanent establishment or a dependent agent permanent establishment under Article 5 of the India-Germany DTAA. The cars were manufactured outside India and sold outside India, and the Revenue could not show any distinguishing factual or legal feature from earlier co-ordinate Bench rulings in the assessee's own case. As no PE existed, the addition treating the business income as taxable in India was unsustainable, and attribution and related computation did not survive; consequential relief followed.
Offshore principal-to-principal sales of cars were held not taxable in India because the Indian distributor was an independent entity and did not constitute either a fixed place permanent establishment or a dependent agent permanent establishment under Article 5 of the India-Germany DTAA. The cars were manufactured outside India and sold outside India, and the Revenue could not show any distinguishing factual or legal feature from earlier co-ordinate Bench rulings in the assessee's own case. As no PE existed, the addition treating the business income as taxable in India was unsustainable, and attribution and related computation did not survive; consequential relief followed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
