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...
The ITAT Mumbai, in a case involving penalty u/s 271(1)(c) for estimation of income on bogus purchases, held that when additions are based on estimation, no penalty can be imposed. The CIT(A) had limited the disallowance to 17.5%, which was further reduced to 8% by the Tribunal. The Tribunal found that adhoc disallowance of purchases does not amount to furnishing inaccurate particulars of income. Citing M/s Nikunj Eximp Enterprises, the Tribunal directed the AO to delete the penalty, overturning the CIT(A)'s decision. The appeal was allowed in favor of the assessee based on facts, circumstances, and legal precedents.
The ITAT Mumbai, in a case involving penalty u/s 271(1)(c) for estimation of income on bogus purchases, held that when additions are based on estimation, no penalty can be imposed. The CIT(A) had limited the disallowance to 17.5%, which was further reduced to 8% by the Tribunal. The Tribunal found that adhoc disallowance of purchases does not amount to furnishing inaccurate particulars of income. Citing M/s Nikunj Eximp Enterprises, the Tribunal directed the AO to delete the penalty, overturning the CIT(A)'s decision. The appeal was allowed in favor of the assessee based on facts, circumstances, and legal precedents.
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