Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Search and seizure under GST - Seeking release of seized cash - Revenue alleges concealment of facts - The effect of Subsection (5) and (6) of Section 74 of CGST Act is that the assessee can by making voluntary deposit of tax, interest and penalty avail the benefit of restriction of penalty to only 15% of such tax. In the present case, the petitioner availed of this remedy and based thereon, proceedings against the petitioner arising out of the search and seizure activities carried out on 04.03.2021 were closed. - The Petition is dismissed with costs quantified at ₹ 25,000/- - HC
Search and seizure under GST - Seeking release of seized cash - Revenue alleges concealment of facts - The effect of Subsection (5) and (6) of Section 74 of CGST Act is that the assessee can by making voluntary deposit of tax, interest and penalty avail the benefit of restriction of penalty to only 15% of such tax. In the present case, the petitioner availed of this remedy and based thereon, proceedings against the petitioner arising out of the search and seizure activities carried out on 04.03.2021 were closed. - The Petition is dismissed with costs quantified at ₹ 25,000/- - HC
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TaxTMI 
TaxTMI 
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