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...
Classification of JAC OLIVOL BODY OIL - classifiable under HSN 3004 as a medicament Or under HSN 3304 (cosmetic) - The AAAR’s split decision illustrates the complexity of classifying products that straddle the line between medicaments and cosmetics. It highlights the challenges in applying the common parlance test and ingredient test to products with dual purposes. - The absence of a conclusive ruling from the AAAR means that the original ARA ruling stands, leaving room for further legal debate and potential legislative clarification on the matter.
Classification of JAC OLIVOL BODY OIL - classifiable under HSN 3004 as a medicament Or under HSN 3304 (cosmetic) - The AAAR’s split decision illustrates the complexity of classifying products that straddle the line between medicaments and cosmetics. It highlights the challenges in applying the common parlance test and ingredient test to products with dual purposes. - The absence of a conclusive ruling from the AAAR means that the original ARA ruling stands, leaving room for further legal debate and potential legislative clarification on the matter.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
