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...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
The High Court set aside the order cancelling the petitioner's registration under the Central Goods and Services Tax Act, 2017 and the West Bengal Goods and Services Tax Act, 2017, subject to the condition that the petitioner files returns for the entire period of default and pays the requisite amount of tax, interest, fine, and penalty, if not already paid. The cancellation was due to the petitioner's failure to comply with statutory provisions by not filing returns, but the Court noted that suspension/revocation would be counterproductive and against revenue interests as it would prevent the petitioner from carrying on business and raising invoices, ultimately impacting tax recovery. The Court took a pragmatic view, considering that the respondents did not allege dubious processes to evade tax.
The High Court set aside the order cancelling the petitioner's registration under the Central Goods and Services Tax Act, 2017 and the West Bengal Goods and Services Tax Act, 2017, subject to the condition that the petitioner files returns for the entire period of default and pays the requisite amount of tax, interest, fine, and penalty, if not already paid. The cancellation was due to the petitioner's failure to comply with statutory provisions by not filing returns, but the Court noted that suspension/revocation would be counterproductive and against revenue interests as it would prevent the petitioner from carrying on business and raising invoices, ultimately impacting tax recovery. The Court took a pragmatic view, considering that the respondents did not allege dubious processes to evade tax.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
