Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The Competition Commission of India found that the Respondent engaged in profiteering by not passing on the benefit of reduced GST rates to ticket recipients, resulting in a profiteered amount of Rs. 48,25,970. The Respondent was directed to reduce ticket prices and deposit the profiteered amount with interest. The amount was to be split between the Central and Telangana State Consumer Welfare Funds. The Respondent was given 3 months to comply, failure of which would lead to recovery by the tax authorities. While the Respondent violated Section 171(1) of the CGST Act, 2017, the penalty u/s 171(3A) could not be imposed retrospectively as it was not in effect during the violation period. Application was disposed of.
The Competition Commission of India found that the Respondent engaged in profiteering by not passing on the benefit of reduced GST rates to ticket recipients, resulting in a profiteered amount of Rs. 48,25,970. The Respondent was directed to reduce ticket prices and deposit the profiteered amount with interest. The amount was to be split between the Central and Telangana State Consumer Welfare Funds. The Respondent was given 3 months to comply, failure of which would lead to recovery by the tax authorities. While the Respondent violated Section 171(1) of the CGST Act, 2017, the penalty u/s 171(3A) could not be imposed retrospectively as it was not in effect during the violation period. Application was disposed of.
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TaxTMI 
TaxTMI 
of 4918 
