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...
Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
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.
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