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...
Reopening of assessment u/s 147 was challenged on the ground of mere change of opinion. The assessee had filed return claiming deduction u/s 80IC and furnished all relevant details during original assessment proceedings u/s 143(3). The Assessing Officer, after examining the details, passed the assessment order accepting the return. Subsequently, notice u/s 148 was issued for reopening assessment on the ground that the undertaking availing deduction u/s 80IC was merged with the assessee company, rendering it ineligible for such deduction u/s 80IC(12) read with Section 80IA(12A). The High Court held that since all material facts were disclosed and examined during original assessment, reopening would amount to mere change of opinion, which is impermissible. Accordingly, the reopening notice u/s 148 was quashed.
Reopening of assessment u/s 147 was challenged on the ground of mere change of opinion. The assessee had filed return claiming deduction u/s 80IC and furnished all relevant details during original assessment proceedings u/s 143(3). The Assessing Officer, after examining the details, passed the assessment order accepting the return. Subsequently, notice u/s 148 was issued for reopening assessment on the ground that the undertaking availing deduction u/s 80IC was merged with the assessee company, rendering it ineligible for such deduction u/s 80IC(12) read with Section 80IA(12A). The High Court held that since all material facts were disclosed and examined during original assessment, reopening would amount to mere change of opinion, which is impermissible. Accordingly, the reopening notice u/s 148 was quashed.
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