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...
The Calcutta High Court considered the maintainability of a petition challenging the cancellation of registration u/s non-filing of returns for six consecutive months. The court noted the absence of an appeal by the petitioner, allowing the revenue to argue the availability of an alternative remedy, rendering the writ petition not maintainable. Acknowledging the impact of the pandemic on business operations and return filings, the court emphasized the need for a sympathetic approach. Consequently, the court set aside the cancellation order, restoring the petitioner's registration and directing the filing of returns from a specified period. Failure to comply within three weeks would result in automatic re-cancellation. The petition was disposed of accordingly, ensuring justice while balancing the interests of the petitioner and the government.
The Calcutta High Court considered the maintainability of a petition challenging the cancellation of registration u/s non-filing of returns for six consecutive months. The court noted the absence of an appeal by the petitioner, allowing the revenue to argue the availability of an alternative remedy, rendering the writ petition not maintainable. Acknowledging the impact of the pandemic on business operations and return filings, the court emphasized the need for a sympathetic approach. Consequently, the court set aside the cancellation order, restoring the petitioner's registration and directing the filing of returns from a specified period. Failure to comply within three weeks would result in automatic re-cancellation. The petition was disposed of accordingly, ensuring justice while balancing the interests of the petitioner and the government.
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