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 court held that the notices issued u/s 133(6) and the subsequent notice u/s 148 of the Income Tax Act were invalid. The petitioner had filed a reply to the notice u/s 133(6), but it was erroneously stated that no reply was received. The court found that the amount in question was already included in the petitioner's income tax return and duly processed by the Assessing Officer. The court concluded that the notice u/s 148 was issued without proper application of mind and was vitiated. Additionally, the court held that the officer who issued the notices lacked competence, as per the judgment in Jasjit Singh case, which ruled that notices issued by the Joint Assessing Officer u/s 148 without conducting faceless assessment u/s 144B were contrary to the provisions of the Act. Consequently, the court quashed the impugned notices issued u/ss 133(6) and 148.
The court held that the notices issued u/s 133(6) and the subsequent notice u/s 148 of the Income Tax Act were invalid. The petitioner had filed a reply to the notice u/s 133(6), but it was erroneously stated that no reply was received. The court found that the amount in question was already included in the petitioner's income tax return and duly processed by the Assessing Officer. The court concluded that the notice u/s 148 was issued without proper application of mind and was vitiated. Additionally, the court held that the officer who issued the notices lacked competence, as per the judgment in Jasjit Singh case, which ruled that notices issued by the Joint Assessing Officer u/s 148 without conducting faceless assessment u/s 144B were contrary to the provisions of the Act. Consequently, the court quashed the impugned notices issued u/ss 133(6) and 148.
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