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 High Court held that Circular No. 135/15/2020-GST, which dealt with the refund of Input Tax Credit (ITC) accumulated due to the Inverted Tax Structure, was in conflict with Section 54(3)(ii) of the Act. The Appellate Authority had allowed the appeal solely relying on this Circular, which did not withstand judicial scrutiny. Consequently, the impugned order was set aside, and the matter was remitted back to the Appellate Authority to decide the appeal afresh in accordance with the law. The petition was allowed by way of remand.
The High Court held that Circular No. 135/15/2020-GST, which dealt with the refund of Input Tax Credit (ITC) accumulated due to the Inverted Tax Structure, was in conflict with Section 54(3)(ii) of the Act. The Appellate Authority had allowed the appeal solely relying on this Circular, which did not withstand judicial scrutiny. Consequently, the impugned order was set aside, and the matter was remitted back to the Appellate Authority to decide the appeal afresh in accordance with the law. The petition was allowed by way of remand.
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