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 High Court addressed the maintainability of a review application u/s 114 of the Code of Civil Procedure concerning the assessment of anonymous donations received by a trust u/s 115 BBC. The court emphasized that the burden was on the applicant to prove the donations were not anonymous, which it failed to do. The court noted that the identity of donors could not be established, as many donors could not be located, and some even denied making donations. The court highlighted that the review process is limited to rectifying errors apparent on the face of the record and cannot be used to re-argue the case. Referring to legal precedents, the court emphasized that an error on the face of the record must be evident without the need for extensive reasoning. Ultimately, the court dismissed the appeal, affirming the ITAT's conclusion that no substantial question of law was raised.
The High Court addressed the maintainability of a review application u/s 114 of the Code of Civil Procedure concerning the assessment of anonymous donations received by a trust u/s 115 BBC. The court emphasized that the burden was on the applicant to prove the donations were not anonymous, which it failed to do. The court noted that the identity of donors could not be established, as many donors could not be located, and some even denied making donations. The court highlighted that the review process is limited to rectifying errors apparent on the face of the record and cannot be used to re-argue the case. Referring to legal precedents, the court emphasized that an error on the face of the record must be evident without the need for extensive reasoning. Ultimately, the court dismissed the appeal, affirming the ITAT's conclusion that no substantial question of law was raised.
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