Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Permanent establishment deductions upheld for expatriate salaries, direct costs and trading losses, while head-office costs require fresh classificati...
Data transmission equipment classification under CTSH 8517 62 remains distinct from residual classification, with exemption evidence requiring scrutin...
In light of the legal provisions and precedent, the Court held that even if excess stock is found during a survey, proceedings u/s 130 of the UPGST Act cannot be initiated. The proper course of action is to determine tax liability u/s 35(6) by following the procedure established u/s 74. Consequently, the impugned orders passed by the authorities initiating proceedings u/s 130 were quashed, and the petition was allowed, in line with the Court's earlier judgment in M/S METENERE LTD. VERSUS UNION OF INDIA AND ANOTHER.
In light of the legal provisions and precedent, the Court held that even if excess stock is found during a survey, proceedings u/s 130 of the UPGST Act cannot be initiated. The proper course of action is to determine tax liability u/s 35(6) by following the procedure established u/s 74. Consequently, the impugned orders passed by the authorities initiating proceedings u/s 130 were quashed, and the petition was allowed, in line with the Court's earlier judgment in M/S METENERE LTD. VERSUS UNION OF INDIA AND ANOTHER.
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