Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
Criminal complaint filed u/s 200 of Cr.P.C. for the offence punishable u/s 276C(2) read with Section 278B of the Income Tax Act. Petitioners failed to deposit assessed tax. Petitioners deposited tax liability about a year ago, prior to filing of complaint. Complaint lacks mention of such deposits. Petitioners deposited self-assessment tax before complaint filing and informed department via letter dated 28.03.2018. Complainant should have obtained fresh authorization regarding delayed interest and penalty only. No response from department to petitioners' request for waiver of interest and penalty in letter dated 28.03.2018. Authorization obtained in 2017 no longer valid after petitioners paid self-assessment tax in 2017-2018. Department needed fresh authorization for prosecution regarding interest and penalty. No wilful default in making assessed tax payment, applying ratio in Unique Trading Company case. Petitioners filed returns, declared tax liability, requested installments, indicating no wilful default. Amount deposited in 2017-2018, while complaint filed in 2019 without disclosing payments. Prosecution termed abuse of process of law. Complaint quashed and set aside by exercising extraordinary powers u/s 482 of Cr.P.C.
Criminal complaint filed u/s 200 of Cr.P.C. for the offence punishable u/s 276C(2) read with Section 278B of the Income Tax Act. Petitioners failed to deposit assessed tax. Petitioners deposited tax liability about a year ago, prior to filing of complaint. Complaint lacks mention of such deposits. Petitioners deposited self-assessment tax before complaint filing and informed department via letter dated 28.03.2018. Complainant should have obtained fresh authorization regarding delayed interest and penalty only. No response from department to petitioners' request for waiver of interest and penalty in letter dated 28.03.2018. Authorization obtained in 2017 no longer valid after petitioners paid self-assessment tax in 2017-2018. Department needed fresh authorization for prosecution regarding interest and penalty. No wilful default in making assessed tax payment, applying ratio in Unique Trading Company case. Petitioners filed returns, declared tax liability, requested installments, indicating no wilful default. Amount deposited in 2017-2018, while complaint filed in 2019 without disclosing payments. Prosecution termed abuse of process of law. Complaint quashed and set aside by exercising extraordinary powers u/s 482 of Cr.P.C.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
