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Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
The Tribunal held that the onus was on the Revenue to demonstrate the Appellant's default leading to inordinate delay in allotment of shares, which the Revenue failed to discharge. Consequently, the transfer pricing adjustment treating share application money as an interest-free loan to the Associated Enterprise was deleted. Regarding the Dispute Resolution Panel's failure to consider the Assessing Officer's rectification order u/s 154 revising the income, the Assessing Officer was directed to recompute the income and tax liability after considering the rectification order. The Tribunal allowed the grounds raised by the Appellant on these issues.
The Tribunal held that the onus was on the Revenue to demonstrate the Appellant's default leading to inordinate delay in allotment of shares, which the Revenue failed to discharge. Consequently, the transfer pricing adjustment treating share application money as an interest-free loan to the Associated Enterprise was deleted. Regarding the Dispute Resolution Panel's failure to consider the Assessing Officer's rectification order u/s 154 revising the income, the Assessing Officer was directed to recompute the income and tax liability after considering the rectification order. The Tribunal allowed the grounds raised by the Appellant on these issues.
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