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...
Assessment u/s 144C - Period of limitation - The Ld. CIT-DR argued that the delay was due to the assessee's failure to participate in the verification process as directed by the DRP. However, the Tribunal noted that sub-section (8) of section 144C precludes the DRP from setting aside any proposed variation or issuing any direction for further enquiry and passing of the assessment order. The AO was mandated to complete the assessment within the specified time limit without providing any further opportunity of being heard to the assessee. - The Tribunal concluded that the final assessment order passed by the AO was barred by limitation and, therefore, null in the eyes of law.
Assessment u/s 144C - Period of limitation - The Ld. CIT-DR argued that the delay was due to the assessee's failure to participate in the verification process as directed by the DRP. However, the Tribunal noted that sub-section (8) of section 144C precludes the DRP from setting aside any proposed variation or issuing any direction for further enquiry and passing of the assessment order. The AO was mandated to complete the assessment within the specified time limit without providing any further opportunity of being heard to the assessee. - The Tribunal concluded that the final assessment order passed by the AO was barred by limitation and, therefore, null in the eyes of law.
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