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...
Mere designation as director is insufficient to fasten liability for a company's FEMA contravention; under Section 42, there must be a specific finding that the person was in charge of and responsible for the conduct of business, or that the contravention occurred with consent, connivance or neglect. Applying S.M.S. Pharmaceuticals, the Tribunal found no material showing the appellant was responsible for the company's export-import business, and his role was confined to software, hardware and limited banking substitution for the Managing Director. As the impugned order did not address his denial of responsibility, the penalty was set aside.
Mere designation as director is insufficient to fasten liability for a company's FEMA contravention; under Section 42, there must be a specific finding that the person was in charge of and responsible for the conduct of business, or that the contravention occurred with consent, connivance or neglect. Applying S.M.S. Pharmaceuticals, the Tribunal found no material showing the appellant was responsible for the company's export-import business, and his role was confined to software, hardware and limited banking substitution for the Managing Director. As the impugned order did not address his denial of responsibility, the penalty was set aside.
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