Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
The reassessment proceeding shall be deemed completed only upon communication of the impugned assessment order to the assessee, not merely when the order was passed. The order cannot be considered passed unless pronounced, published, or the affected party has means of knowing it. Keeping the signed order in file without communicating is insufficient. The reassessment proceeding for AY 2003-2004 was completed on 05-04-2007 when the order was served, beyond the limitation period prescribed u/s 153(2). Availability of statutory appeal does not bar entertaining a writ petition under Article 226 in certain exceptions like violation of statutory provisions, natural justice, lack of jurisdiction, or pure legal controversy. The impugned assessment orders were quashed for violating section 153(2) of the Income Tax Act, 1961.
The reassessment proceeding shall be deemed completed only upon communication of the impugned assessment order to the assessee, not merely when the order was passed. The order cannot be considered passed unless pronounced, published, or the affected party has means of knowing it. Keeping the signed order in file without communicating is insufficient. The reassessment proceeding for AY 2003-2004 was completed on 05-04-2007 when the order was served, beyond the limitation period prescribed u/s 153(2). Availability of statutory appeal does not bar entertaining a writ petition under Article 226 in certain exceptions like violation of statutory provisions, natural justice, lack of jurisdiction, or pure legal controversy. The impugned assessment orders were quashed for violating section 153(2) of the Income Tax Act, 1961.
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