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...
Period of limitation to issue notice for reopening of assessment u/s 149 - The High court emphasized the principle that the validity of a notice u/s 148 must be assessed based on the law in force at the time the notice is issued. It was determined that under the amended provisions, and considering the first proviso to Section 149(1) of the Act, the time limit for issuing a notice for AY 2014-15 had expired on 31st March 2021, rendering the impugned notice dated 31st July 2022 as issued beyond the period of limitation. The court also noted that the fifth proviso to Section 149, which allows for the exclusion of certain periods in computing the limitation period, did not salvage the impugned notice from being time-barred. As a result, the petition was allowed in favor of the petitioner.
Period of limitation to issue notice for reopening of assessment u/s 149 - The High court emphasized the principle that the validity of a notice u/s 148 must be assessed based on the law in force at the time the notice is issued. It was determined that under the amended provisions, and considering the first proviso to Section 149(1) of the Act, the time limit for issuing a notice for AY 2014-15 had expired on 31st March 2021, rendering the impugned notice dated 31st July 2022 as issued beyond the period of limitation. The court also noted that the fifth proviso to Section 149, which allows for the exclusion of certain periods in computing the limitation period, did not salvage the impugned notice from being time-barred. As a result, the petition was allowed in favor of the petitioner.
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