Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Page of 4790
Press 'Enter' after typing page number.
681 to 700 of 95794 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The case pertains to the reopening of assessment u/s 147, where the reasons recorded were based on audit objections raised by the internal audit party regarding underassessment of income and default determination of Transfer Pricing (TP) Adjustment. The Transfer Pricing Officer (TPO) made a markup of 12% on direct costs, but the audit objection suggested reducing it to 9.17% after accounting for foreign exchange risk of 1%. The court held that the TPO's order was detailed, considering all aspects, and the audit objection amounted to a mere change of opinion without any failure on the part of the petitioner to disclose material facts. Since the impugned notice was issued beyond four years, the respondent could not have assumed jurisdiction based on audit objections. Regarding the reduced exchange gain on sale of shares, the assessee made full disclosure, and there was no failure to disclose material facts, preventing the respondent from reopening the assessment u/s 147's proviso. The decision was in favor of the assessee.
The case pertains to the reopening of assessment u/s 147, where the reasons recorded were based on audit objections raised by the internal audit party regarding underassessment of income and default determination of Transfer Pricing (TP) Adjustment. The Transfer Pricing Officer (TPO) made a markup of 12% on direct costs, but the audit objection suggested reducing it to 9.17% after accounting for foreign exchange risk of 1%. The court held that the TPO's order was detailed, considering all aspects, and the audit objection amounted to a mere change of opinion without any failure on the part of the petitioner to disclose material facts. Since the impugned notice was issued beyond four years, the respondent could not have assumed jurisdiction based on audit objections. Regarding the reduced exchange gain on sale of shares, the assessee made full disclosure, and there was no failure to disclose material facts, preventing the respondent from reopening the assessment u/s 147's proviso. The decision was in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4790
Join Channel
TaxTMI 
