Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Validity of reassessment order - disallowance of ITC claim - The court examined the provisions of Section 29 of the Act, which pertains to the assessment of tax on turnover escaped from assessment. It was determined that the scope of reassessment under Section 29 did not include the recomputation of ITC or RITC. The court noted that ITC is an allowance and not part of the determination of turnover or tax liability. Therefore, the jurisdiction to reassess did not arise under Section 29 of the Act for RITC, making the reassessment proceedings against the petitioner without jurisdiction.
Validity of reassessment order - disallowance of ITC claim - The court examined the provisions of Section 29 of the Act, which pertains to the assessment of tax on turnover escaped from assessment. It was determined that the scope of reassessment under Section 29 did not include the recomputation of ITC or RITC. The court noted that ITC is an allowance and not part of the determination of turnover or tax liability. Therefore, the jurisdiction to reassess did not arise under Section 29 of the Act for RITC, making the reassessment proceedings against the petitioner without jurisdiction.
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