International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Revision under section 263 cannot extend to matters already considered in an appeal: where the appeal covered the genuineness of purchases and profit estimation, Explanation 1(c) barred revision on those purchases. Revision also cannot substitute the Commissioner's view for the Assessing Officer's plausible view after inquiry; having examined supporting documents and estimated only the profit element in unverifiable purchases, the assessment could not be revised to tax the entire purchases as unexplained expenditure. Further, a supplier's non-genuineness alone does not establish remission or cessation of a trading liability, so the outstanding credit could not be taxed on that basis. The revisionary order was set aside and the appeal allowed.
Revision under section 263 cannot extend to matters already considered in an appeal: where the appeal covered the genuineness of purchases and profit estimation, Explanation 1(c) barred revision on those purchases. Revision also cannot substitute the Commissioner's view for the Assessing Officer's plausible view after inquiry; having examined supporting documents and estimated only the profit element in unverifiable purchases, the assessment could not be revised to tax the entire purchases as unexplained expenditure. Further, a supplier's non-genuineness alone does not establish remission or cessation of a trading liability, so the outstanding credit could not be taxed on that basis. The revisionary order was set aside and the appeal allowed.
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