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 a challenge to an assessment order regarding the reversal of Input Tax Credit for credit notes issued by the supplier. The court found that the requirements under sub-section (3) of Section 15 of the GST statutes were not satisfied, leading to the supplier being liable to pay tax on the full value of supply. The court highlighted the discretionary nature of jurisdiction under Article 226, noting that the existence of an alternative remedy does not bar its exercise. Despite the petitioner approaching the appellate authority for other issues, the court exercised jurisdiction due to the need for evidence reappraisal. The impugned order was set aside only concerning the reversal of Input Tax Credit, and the petition was disposed of accordingly.
The High Court addressed a challenge to an assessment order regarding the reversal of Input Tax Credit for credit notes issued by the supplier. The court found that the requirements under sub-section (3) of Section 15 of the GST statutes were not satisfied, leading to the supplier being liable to pay tax on the full value of supply. The court highlighted the discretionary nature of jurisdiction under Article 226, noting that the existence of an alternative remedy does not bar its exercise. Despite the petitioner approaching the appellate authority for other issues, the court exercised jurisdiction due to the need for evidence reappraisal. The impugned order was set aside only concerning the reversal of Input Tax Credit, and the petition was disposed of accordingly.
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