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 appellant manufactured polyester staple fiber (PSF) using PET bottles scrap (90%) and popcorn waste (less than 10%). The department denied the nil/concessional duty benefit under relevant notifications, alleging popcorn is not plastic waste and the appellant suppressed facts. The Tribunal held that in the absence of words like 'only', 'exclusively' in the notifications, the benefit cannot be denied merely for using a small quantity of popcorn waste along with PET bottles scrap. Popcorn being manufactured from plastic waste/scrap, cannot be excluded from the notifications' scope. Regarding extended period of limitation, the Tribunal held that mere non-disclosure is not suppression unless deliberate to evade duty. The appellant disclosed using popcorn in statements/returns, hence no suppression. The department failed to establish the appellant deliberately suppressed facts to evade duty, thus extended period was wrongly invoked. The Tribunal set aside the impugned order, allowing the appeals. The penalty on the Director was also questioned as the department failed to prove the Director dealt with confiscatable goods knowingly.
The appellant manufactured polyester staple fiber (PSF) using PET bottles scrap (90%) and popcorn waste (less than 10%). The department denied the nil/concessional duty benefit under relevant notifications, alleging popcorn is not plastic waste and the appellant suppressed facts. The Tribunal held that in the absence of words like 'only', 'exclusively' in the notifications, the benefit cannot be denied merely for using a small quantity of popcorn waste along with PET bottles scrap. Popcorn being manufactured from plastic waste/scrap, cannot be excluded from the notifications' scope. Regarding extended period of limitation, the Tribunal held that mere non-disclosure is not suppression unless deliberate to evade duty. The appellant disclosed using popcorn in statements/returns, hence no suppression. The department failed to establish the appellant deliberately suppressed facts to evade duty, thus extended period was wrongly invoked. The Tribunal set aside the impugned order, allowing the appeals. The penalty on the Director was also questioned as the department failed to prove the Director dealt with confiscatable goods knowingly.
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