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...
Reopening of concluded assessments - Under Rule 26-A of the OST Rules, a registered dealer is expected to preserve books of account and other documents including bills, credit and cash memoranda, invoices and vouchers, etc. relating to the business of any year for a period of three years thereafter or for a period of 12 months after finalization of the order of assessment or penalty in appeal, revision or reference for the year to which it relates, whichever is later - As far as the present case is concerned, even if the aforementioned periods of limitation have been crossed, there is no legal basis for the Department in the present case to have sought to re-compute the tax, surcharge and interest payable by the Petitioner for the aforementioned periods. - HC
Reopening of concluded assessments - Under Rule 26-A of the OST Rules, a registered dealer is expected to preserve books of account and other documents including bills, credit and cash memoranda, invoices and vouchers, etc. relating to the business of any year for a period of three years thereafter or for a period of 12 months after finalization of the order of assessment or penalty in appeal, revision or reference for the year to which it relates, whichever is later - As far as the present case is concerned, even if the aforementioned periods of limitation have been crossed, there is no legal basis for the Department in the present case to have sought to re-compute the tax, surcharge and interest payable by the Petitioner for the aforementioned periods. - HC
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