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...
Determining the tax and penalty - Vehicle transporting consignment without Original Tax Invoice - The High court analyzed the relevant provisions of the SGST Act and CGST Act. While Rule 138-A and Section 68 were cited by the respondents, the court noted that neither of these provisions explicitly requires the transporter to carry the Original Tax Invoice. Instead, the court emphasized Rule 48 of the CGST Act, which specifies the preparation of the invoice in triplicate. The original copy is meant for the recipient/purchaser, while the duplicate copy is for the transporter. The High court concluded that the transporter is not obligated to carry the Original Tax Invoice, as claimed by the respondents. - As a result, the court allowed the writ petition, quashed the orders imposing tax and penalty. Excess amount paid directed to be refunded.
Determining the tax and penalty - Vehicle transporting consignment without Original Tax Invoice - The High court analyzed the relevant provisions of the SGST Act and CGST Act. While Rule 138-A and Section 68 were cited by the respondents, the court noted that neither of these provisions explicitly requires the transporter to carry the Original Tax Invoice. Instead, the court emphasized Rule 48 of the CGST Act, which specifies the preparation of the invoice in triplicate. The original copy is meant for the recipient/purchaser, while the duplicate copy is for the transporter. The High court concluded that the transporter is not obligated to carry the Original Tax Invoice, as claimed by the respondents. - As a result, the court allowed the writ petition, quashed the orders imposing tax and penalty. Excess amount paid directed to be refunded.
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