Residual food-preparation classification places fermented Nata De Coco outside fruit-jelly categories, changing its GST treatment across notified peri...
Settlement application eligibility requires a pending assessment when filed, preventing an extra prior-eligibility condition from blocking considerati...
Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
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Penalty under Explanation 7 to section 271(1)(c) was not sustainable on a transfer pricing adjustment where the taxpayer used the prescribed TNMM method, disclosed its filters, comparables and operating-margin computation, and acted in good faith with due diligence. Differences over the profit level indicator and treatment of operating items were debatable interpretational issues, not evidence that the arm's length price had been computed outside the statutory framework. Mere differences of opinion on such issues do not attract penalty. The High Court sustained deletion of the penalty and dismissed the Revenue's appeal for want of a substantial question of law.
Penalty under Explanation 7 to section 271(1)(c) was not sustainable on a transfer pricing adjustment where the taxpayer used the prescribed TNMM method, disclosed its filters, comparables and operating-margin computation, and acted in good faith with due diligence. Differences over the profit level indicator and treatment of operating items were debatable interpretational issues, not evidence that the arm's length price had been computed outside the statutory framework. Mere differences of opinion on such issues do not attract penalty. The High Court sustained deletion of the penalty and dismissed the Revenue's appeal for want of a substantial question of law.
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