Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
Stakeholder-list modification permits liquidators to update entries on new information, subject to notifying the Adjudicating Authority within prescri...
The Principal Commissioner or Commissioner having jurisdiction over transfer pricing matters has been empowered, effective April 1, 2022, to invoke revisionary action u/s 263 regarding orders passed by the Transfer Pricing Officer (TPO) under their administrative control. The amendment aimed to resolve confusion over revisionary powers concerning TPO orders, particularly after the 2014 notification defining the command chain from Principal Chief Commissioner (International Taxation) to Deputy/Assistant Commissioner (Transfer Pricing). The lawmaker included the "Transfer Pricing Officer" alongside the Assessing Officer for revisionary orders by the respective Principal Commissioner or Commissioner. When statutory provisions are unambiguous, no interpretation is permissible. Only the Principal Commissioner or Commissioner can exercise revisionary authority over TPO orders under their command from April 1, 2022. The order passed by the Principal CIT, Madurai-1 was without valid jurisdiction and deserves quashing. The Assessing Officer's order u/s 143(3) read with Section 144B did not warrant revisionary powers as it lacked deficiencies prejudicial to revenue interests. Consequently, the Principal CIT's order u/s 263 is void ab initio and quashed in favor of the assessee.
The Principal Commissioner or Commissioner having jurisdiction over transfer pricing matters has been empowered, effective April 1, 2022, to invoke revisionary action u/s 263 regarding orders passed by the Transfer Pricing Officer (TPO) under their administrative control. The amendment aimed to resolve confusion over revisionary powers concerning TPO orders, particularly after the 2014 notification defining the command chain from Principal Chief Commissioner (International Taxation) to Deputy/Assistant Commissioner (Transfer Pricing). The lawmaker included the "Transfer Pricing Officer" alongside the Assessing Officer for revisionary orders by the respective Principal Commissioner or Commissioner. When statutory provisions are unambiguous, no interpretation is permissible. Only the Principal Commissioner or Commissioner can exercise revisionary authority over TPO orders under their command from April 1, 2022. The order passed by the Principal CIT, Madurai-1 was without valid jurisdiction and deserves quashing. The Assessing Officer's order u/s 143(3) read with Section 144B did not warrant revisionary powers as it lacked deficiencies prejudicial to revenue interests. Consequently, the Principal CIT's order u/s 263 is void ab initio and quashed in favor of the assessee.
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