Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The case before Karnataka High Court involved the constitutional validity of Section 2A (8-a) of Karnataka Tax on Entry of Goods Act, 1979. The issue was the inclusion of "prevailing market price" in the definition of "value of goods" and if reassessment notices after a significant time lapse are valid u/s 6(2) of KTEG Act. The Court held that the charging provision u/s 3(1) is fundamental for levying entry tax, and any conflict with the definition clause must be resolved in favor of the charging provision. Reassessment based on a mere change of opinion is not valid u/s 6(2). The Court allowed the writ petition, stating that the petitioner need not seek an alternate remedy due to the significant legal and constitutional implications involved. The assessment orders and reassessment notices were found to lack jurisdiction and were quashed.
The case before Karnataka High Court involved the constitutional validity of Section 2A (8-a) of Karnataka Tax on Entry of Goods Act, 1979. The issue was the inclusion of "prevailing market price" in the definition of "value of goods" and if reassessment notices after a significant time lapse are valid u/s 6(2) of KTEG Act. The Court held that the charging provision u/s 3(1) is fundamental for levying entry tax, and any conflict with the definition clause must be resolved in favor of the charging provision. Reassessment based on a mere change of opinion is not valid u/s 6(2). The Court allowed the writ petition, stating that the petitioner need not seek an alternate remedy due to the significant legal and constitutional implications involved. The assessment orders and reassessment notices were found to lack jurisdiction and were quashed.
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