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...
A draft assessment order cannot support a tax demand or penalty proceedings because a demand requires a final assessment determining the sum payable. Where an order's heading, operative language, proposed disallowance, objection mechanism and express non-issuance of demand consistently identify it as a draft, it cannot be treated as final merely as an uploading error. The statutory curative provision does not validate this substantive defect, particularly where no corrective or final assessment order follows. Draft-assessment procedure is also unavailable where no variation in international transactions is proposed, leaving no competence to issue a draft order. The draft order and consequential demand and penalty notices were set aside.
A draft assessment order cannot support a tax demand or penalty proceedings because a demand requires a final assessment determining the sum payable. Where an order's heading, operative language, proposed disallowance, objection mechanism and express non-issuance of demand consistently identify it as a draft, it cannot be treated as final merely as an uploading error. The statutory curative provision does not validate this substantive defect, particularly where no corrective or final assessment order follows. Draft-assessment procedure is also unavailable where no variation in international transactions is proposed, leaving no competence to issue a draft order. The draft order and consequential demand and penalty notices were set aside.
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