Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
The Income Tax Settlement Commission (ITSC) has wide powers under Chapter XIX-A to examine and evaluate all aspects of an application for settlement, including calling for reports, directing further inquiries, and holistically examining matters beyond the disclosures made by the applicant. The essential ingredients for granting immunity u/s 245H are cooperation by the applicant in computing total income and full and true disclosure of income, which are the same prerequisites for computation u/s 245D(4). Once the ITSC finds these conditions satisfied, its order granting immunity cannot be questioned separately, as both provisions are premised on identical considerations. The ITSC's order has finality u/s 245I, and can only be reviewed on grounds provided in Chapter XIX-A. Interfering with the grant of immunity would amount to questioning the acceptance of the application itself, which cannot be done if the statutory conditions were found satisfied. The principle of severability cannot be invoked as the considerations for computation and immunity are not distinct.
The Income Tax Settlement Commission (ITSC) has wide powers under Chapter XIX-A to examine and evaluate all aspects of an application for settlement, including calling for reports, directing further inquiries, and holistically examining matters beyond the disclosures made by the applicant. The essential ingredients for granting immunity u/s 245H are cooperation by the applicant in computing total income and full and true disclosure of income, which are the same prerequisites for computation u/s 245D(4). Once the ITSC finds these conditions satisfied, its order granting immunity cannot be questioned separately, as both provisions are premised on identical considerations. The ITSC's order has finality u/s 245I, and can only be reviewed on grounds provided in Chapter XIX-A. Interfering with the grant of immunity would amount to questioning the acceptance of the application itself, which cannot be done if the statutory conditions were found satisfied. The principle of severability cannot be invoked as the considerations for computation and immunity are not distinct.
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