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...
Delay in filing Form 10-IC for the concessional corporate tax regime may be condoned where the return was filed on time, the option was disclosed in the return, tax was paid at the concessional rate, and the omission was a bona fide lapse. The HC treated the delay as a case of genuine hardship, noting that the relevant circulars showed an intent to grant relief in fit cases, including the period affected by COVID-19 and the initial years of the regime. It held that the authority should have taken a justice-oriented approach rather than reject condonation on the basis that a tax manager's or consultant's lapse could never justify relief. The rejection and consequential denial of the benefit were set aside.
Delay in filing Form 10-IC for the concessional corporate tax regime may be condoned where the return was filed on time, the option was disclosed in the return, tax was paid at the concessional rate, and the omission was a bona fide lapse. The HC treated the delay as a case of genuine hardship, noting that the relevant circulars showed an intent to grant relief in fit cases, including the period affected by COVID-19 and the initial years of the regime. It held that the authority should have taken a justice-oriented approach rather than reject condonation on the basis that a tax manager's or consultant's lapse could never justify relief. The rejection and consequential denial of the benefit were set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
