Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
The High Court upheld the validity of reopening assessment u/s 147, finding no jurisdictional error or failure to meet statutory preconditions. Regarding the existence of a fixed place PE and DAPE, the Court relied on its previous binding decision against the appellant, citing principles of consistency and the appellant's failure to establish any fundamental change in facts. The attribution of 35% profits to marketing activities and 75% thereof to the appellant's PE in India by the ITAT was modified, with the HC attributing 26% of total profits to operations carried out by the PE based on its estimate of marketing efforts. The HC found the ITAT's conclusions unexceptionable, dismissing the appellant's challenge.
The High Court upheld the validity of reopening assessment u/s 147, finding no jurisdictional error or failure to meet statutory preconditions. Regarding the existence of a fixed place PE and DAPE, the Court relied on its previous binding decision against the appellant, citing principles of consistency and the appellant's failure to establish any fundamental change in facts. The attribution of 35% profits to marketing activities and 75% thereof to the appellant's PE in India by the ITAT was modified, with the HC attributing 26% of total profits to operations carried out by the PE based on its estimate of marketing efforts. The HC found the ITAT's conclusions unexceptionable, dismissing the appellant's challenge.
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