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...
Section 12AA(2) of the Income Tax Act, 1961 does not recognize any deemed grant of registration if the application is not decided within six months. The Supreme Court in Harshit Foundation Sehmalpur upheld the Allahabad High Court's decision in Muzaffar Nagar Development Authority, which held that the Parliament has not provided for such a deeming fiction. This decision is the law declared by the Supreme Court under Article 141 of the Constitution. The decisions in Society for Promotion of Education and Harshit Foundation Sehmalpur are not mutually irreconcilable, as they address different aspects of the interplay between Sections 12A and 12AA(2). The specific deeming provision in Section 12AA(2) does not conceive any deemed registration if the application is not decided within six months.
Section 12AA(2) of the Income Tax Act, 1961 does not recognize any deemed grant of registration if the application is not decided within six months. The Supreme Court in Harshit Foundation Sehmalpur upheld the Allahabad High Court's decision in Muzaffar Nagar Development Authority, which held that the Parliament has not provided for such a deeming fiction. This decision is the law declared by the Supreme Court under Article 141 of the Constitution. The decisions in Society for Promotion of Education and Harshit Foundation Sehmalpur are not mutually irreconcilable, as they address different aspects of the interplay between Sections 12A and 12AA(2). The specific deeming provision in Section 12AA(2) does not conceive any deemed registration if the application is not decided within six months.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
