Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
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...
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The High Court considered the validity of reopening an assessment based on excess funds not being part of an "approved refund" and thus subject to taxation. The Court noted that the approval to hold the fund was withdrawn only from the date of the order, not before. The Tribunal found that the withdrawal of approval would only take effect from the date of the order, not earlier. Therefore, the notice issued for reopening the assessment was deemed invalid as the approval was still in effect at the time. The Tribunal rightly set aside the notice and subsequent reassessment order due to the lack of communication regarding the withdrawal of approval by the Commissioner.
The High Court considered the validity of reopening an assessment based on excess funds not being part of an "approved refund" and thus subject to taxation. The Court noted that the approval to hold the fund was withdrawn only from the date of the order, not before. The Tribunal found that the withdrawal of approval would only take effect from the date of the order, not earlier. Therefore, the notice issued for reopening the assessment was deemed invalid as the approval was still in effect at the time. The Tribunal rightly set aside the notice and subsequent reassessment order due to the lack of communication regarding the withdrawal of approval by the Commissioner.
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