Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
TP Adjustment - comparable selection - The High Court upheld the ITAT's decision, emphasizing the principle of comparing entities with similar characteristics. It acknowledged the appellant's argument that the comparables had been in business for many years, whereas the appellant had only started operations recently. The High Court agreed that comparing entities with different operational histories was inappropriate. It noted that the appellant's expenses were similar to those of subsequent years when sales had increased, indicating business stabilization.
TP Adjustment - comparable selection - The High Court upheld the ITAT's decision, emphasizing the principle of comparing entities with similar characteristics. It acknowledged the appellant's argument that the comparables had been in business for many years, whereas the appellant had only started operations recently. The High Court agreed that comparing entities with different operational histories was inappropriate. It noted that the appellant's expenses were similar to those of subsequent years when sales had increased, indicating business stabilization.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
