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...
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...
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Validity of assessment order - mismatch between the GSTR 3B returns filed by the petitioner and the auto-populated GSTR 2A returns - The High court acknowledged the existence of difficulties arising from the mismatch between GSTR 3B and GSTR 2A returns, as evidenced by the issuance of Circular No.183. Despite the petitioner's non-participation in the assessment proceedings, the court considered the certificate from the Chartered Accountant provided by the petitioner and deemed it sufficient justification for interference with the impugned orders. - The court quashed the assessment orders and remanded the matters for reconsideration with the condition that the petitioner remits 10% of the disputed tax demand for each assessment period within 15 days.
Validity of assessment order - mismatch between the GSTR 3B returns filed by the petitioner and the auto-populated GSTR 2A returns - The High court acknowledged the existence of difficulties arising from the mismatch between GSTR 3B and GSTR 2A returns, as evidenced by the issuance of Circular No.183. Despite the petitioner's non-participation in the assessment proceedings, the court considered the certificate from the Chartered Accountant provided by the petitioner and deemed it sufficient justification for interference with the impugned orders. - The court quashed the assessment orders and remanded the matters for reconsideration with the condition that the petitioner remits 10% of the disputed tax demand for each assessment period within 15 days.
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