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...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Validity of reassessment proceedings - The petitioner sought to quash an order and notice for reassessment under the UP VAT Act for the assessment year 2012-13. The petitioner, a manufacturer of Rice Bran Oil, purchased Rice Bran and produced both RBO and DORB. The revenue acknowledged sales of both products and granted Input Tax Credit accordingly. However, a judgment established that the sale value of both taxable and exempt products should be considered together. Following Supreme Court guidance, the High Court ruled in favor of the petitioner, quashing the reassessment proceedings as they lacked legal basis.
Validity of reassessment proceedings - The petitioner sought to quash an order and notice for reassessment under the UP VAT Act for the assessment year 2012-13. The petitioner, a manufacturer of Rice Bran Oil, purchased Rice Bran and produced both RBO and DORB. The revenue acknowledged sales of both products and granted Input Tax Credit accordingly. However, a judgment established that the sale value of both taxable and exempt products should be considered together. Following Supreme Court guidance, the High Court ruled in favor of the petitioner, quashing the reassessment proceedings as they lacked legal basis.
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TaxTMI 
TaxTMI 
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