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...
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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 key aspects of the case relate to the maintainability of an application before the Advance Ruling Authority, classification of imported goods, and the applicability of Rule 2(a) for determining the classification. The court held that the expression "business" in Section 28E(a) of the Customs Act must be given a wide meaning, encompassing business models/modus operandi, not just products. The change in the applicant's business model constituted an "activity" for the purpose of Section 28E, rendering the application maintainable. Regarding classification, the court reiterated that until all components of a complete article are presented together for assessment, Rule 2(a) cannot be invoked to classify the parts as a complete article. As six essential components were procured from Indian vendors, the imports could not be classified as motor vehicles u/r 2(a). Consequently, the court dismissed the writ petition, upholding the impugned order.
The key aspects of the case relate to the maintainability of an application before the Advance Ruling Authority, classification of imported goods, and the applicability of Rule 2(a) for determining the classification. The court held that the expression "business" in Section 28E(a) of the Customs Act must be given a wide meaning, encompassing business models/modus operandi, not just products. The change in the applicant's business model constituted an "activity" for the purpose of Section 28E, rendering the application maintainable. Regarding classification, the court reiterated that until all components of a complete article are presented together for assessment, Rule 2(a) cannot be invoked to classify the parts as a complete article. As six essential components were procured from Indian vendors, the imports could not be classified as motor vehicles u/r 2(a). Consequently, the court dismissed the writ petition, upholding the impugned order.
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