Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
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...
Denial of FTA benefit - Import of Alkalised Cocoa Powder from Malaysia - The Tribunal noted that the denial of FTA benefits was based solely on the suspicion of non-compliance with the value addition requirement. However, it found that no independent verification was conducted to substantiate this suspicion. - The Tribunal highlighted the lack of proper verification by the customs authorities regarding the validity of the certificates of origin. It emphasized the requirement under the Customs Tariff Rules for retroactive checks and noted the absence of such checks in the present case. Consequently, it concluded that the denial of benefits based on presumption and assumption without proper verification was not maintainable in law. - Additionally, it observed that similar cases had been decided in favor of the appellant, rendering the issue non-res-integra. Therefore, the denial of benefits was unsustainable, and the appeal was allowed.
Denial of FTA benefit - Import of Alkalised Cocoa Powder from Malaysia - The Tribunal noted that the denial of FTA benefits was based solely on the suspicion of non-compliance with the value addition requirement. However, it found that no independent verification was conducted to substantiate this suspicion. - The Tribunal highlighted the lack of proper verification by the customs authorities regarding the validity of the certificates of origin. It emphasized the requirement under the Customs Tariff Rules for retroactive checks and noted the absence of such checks in the present case. Consequently, it concluded that the denial of benefits based on presumption and assumption without proper verification was not maintainable in law. - Additionally, it observed that similar cases had been decided in favor of the appellant, rendering the issue non-res-integra. Therefore, the denial of benefits was unsustainable, and the appeal was allowed.
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