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...
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The High Court quashed the reassessment order due to procedural defects. The Assessing Officer failed to dispose of the assessee's objections through a speaking order after issuing notice u/s 147, violating principles established in GKN Driveshafts case. The court rejected the department's attempt to rely on reasons mentioned in the approval granted u/s 151, as it was impermissible after passing the assessment order. The Assessing Officer adopted different approaches, furnishing different reasons to the assessee and Joint Commissioner, and proceeded without disposing of objections, acting against revenue's interest. The court questioned the Assessing Officer's reckless actions leading to potential revenue loss and sought scrutiny of such officers' performance by higher authorities.
The High Court quashed the reassessment order due to procedural defects. The Assessing Officer failed to dispose of the assessee's objections through a speaking order after issuing notice u/s 147, violating principles established in GKN Driveshafts case. The court rejected the department's attempt to rely on reasons mentioned in the approval granted u/s 151, as it was impermissible after passing the assessment order. The Assessing Officer adopted different approaches, furnishing different reasons to the assessee and Joint Commissioner, and proceeded without disposing of objections, acting against revenue's interest. The court questioned the Assessing Officer's reckless actions leading to potential revenue loss and sought scrutiny of such officers' performance by higher authorities.
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