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...
Capital gains from an immovable-property transfer are taxable in the year the registered agreement completes the transfer under section 2(47)(i), notwithstanding later receipt of consideration or delivery of possession. The notes explain that a registered agreement executed on 28 March 2016 therefore fixes taxability in AY 2016-17, with no allocation to AY 2017-18. Where the vendor was identified as absolutely entitled to transfer the property and confirming parties had no proprietary interest, the entire gain is assessable to that owner; a subsequent family settlement does not alter ownership at the transfer date. Taxes paid, collected, or deducted in AY 2017-18 relating to the same transfer should be credited against the AY 2016-17 liability to prevent retention of tax attributable to income assessed in the correct year.
Capital gains from an immovable-property transfer are taxable in the year the registered agreement completes the transfer under section 2(47)(i), notwithstanding later receipt of consideration or delivery of possession. The notes explain that a registered agreement executed on 28 March 2016 therefore fixes taxability in AY 2016-17, with no allocation to AY 2017-18. Where the vendor was identified as absolutely entitled to transfer the property and confirming parties had no proprietary interest, the entire gain is assessable to that owner; a subsequent family settlement does not alter ownership at the transfer date. Taxes paid, collected, or deducted in AY 2017-18 relating to the same transfer should be credited against the AY 2016-17 liability to prevent retention of tax attributable to income assessed in the correct year.
Note: It is a system-generated summary and is for quick reference only.
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