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...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
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 case pertains to recovery of arrears of tax for Assessment Years 2017-2018 and 2018-2019 due to non-filing of returns. The petitioner had previously suffered Assessment Orders u/s 62 of the Tamil Nadu Goods and Services Tax Act, 2017, erroneously mentioned as Section 63. The Finance Act, 2024 introduced amendments incorporating Sections 16(5) and 16(6) in the Central Goods and Services Tax (CGST) Act, with similar amendments expected in the Tamil Nadu Goods and Services Tax Act, 2017. As per the Supreme Court's decision in FORMICA INDIA DIVISION VERSUS COLLECTOR OF CENTRAL EXCISE, once tax is demanded, the benefit of Input Tax Credit must be granted. Consequently, the Impugned Recovery Notices were set aside, and the case was remitted for a fresh order, with the petition allowed by way of remand.
The case pertains to recovery of arrears of tax for Assessment Years 2017-2018 and 2018-2019 due to non-filing of returns. The petitioner had previously suffered Assessment Orders u/s 62 of the Tamil Nadu Goods and Services Tax Act, 2017, erroneously mentioned as Section 63. The Finance Act, 2024 introduced amendments incorporating Sections 16(5) and 16(6) in the Central Goods and Services Tax (CGST) Act, with similar amendments expected in the Tamil Nadu Goods and Services Tax Act, 2017. As per the Supreme Court's decision in FORMICA INDIA DIVISION VERSUS COLLECTOR OF CENTRAL EXCISE, once tax is demanded, the benefit of Input Tax Credit must be granted. Consequently, the Impugned Recovery Notices were set aside, and the case was remitted for a fresh order, with the petition allowed by way of remand.
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