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...
Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Penalty for misreporting under section 270A requires the revenue to identify and establish a statutory instance of misreporting. Transfer-pricing adjustments arising solely from rejection of the taxpayer's benchmarking methodology, economic or comparability analysis, and adoption of a different most appropriate method do not by themselves establish misreporting. Reporting international transactions in Form 3CEB and maintaining prescribed transfer-pricing documentation support the position that the transactions were disclosed. Where no failure to report an international transaction or other statutory misreporting circumstance is identified, the adjustment falls within the exclusion for eligible transfer-pricing adjustments and cannot attract misreporting penalty.
Penalty for misreporting under section 270A requires the revenue to identify and establish a statutory instance of misreporting. Transfer-pricing adjustments arising solely from rejection of the taxpayer's benchmarking methodology, economic or comparability analysis, and adoption of a different most appropriate method do not by themselves establish misreporting. Reporting international transactions in Form 3CEB and maintaining prescribed transfer-pricing documentation support the position that the transactions were disclosed. Where no failure to report an international transaction or other statutory misreporting circumstance is identified, the adjustment falls within the exclusion for eligible transfer-pricing adjustments and cannot attract misreporting penalty.
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