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...
Demand and penalty-initiation notices cannot rest on an order expressly issued as a draft assessment order. Where proposed disallowances remain proposals, no demand or penalty notice is issued, and the taxpayer retains the right to accept variations or object before final assessment, the payable sum has not been finally determined. Such a defect is not a mere uploading error curable through Section 292B, especially without a subsequent corrective or clarificatory order. Draft assessment procedure is also unavailable where the Transfer Pricing Officer makes no variation to returned income from international transactions; the taxpayer is then not an eligible assessee under Section 144C. The draft order and consequential notices were set aside.
Demand and penalty-initiation notices cannot rest on an order expressly issued as a draft assessment order. Where proposed disallowances remain proposals, no demand or penalty notice is issued, and the taxpayer retains the right to accept variations or object before final assessment, the payable sum has not been finally determined. Such a defect is not a mere uploading error curable through Section 292B, especially without a subsequent corrective or clarificatory order. Draft assessment procedure is also unavailable where the Transfer Pricing Officer makes no variation to returned income from international transactions; the taxpayer is then not an eligible assessee under Section 144C. The draft order and consequential notices were set aside.
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