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...
The assessee, a salaried employee working for Tessolve Semiconductor Pvt. Ltd. and Tessolve Inc., earned income from salary, house property, capital gains, dividend, and interest. The assessee claimed foreign tax credit, which was denied by the CPC due to the late filing of Form 67 along with the return of income u/s 139. The Tribunal, relying on a previous Bangalore Bench decision, held that Rule 128(9) does not provide for disallowance of FTC in case of delay in filing Form 67. Filing Form 67 is a directory requirement, and the DTAA overrides the provisions of the Act. The Tribunal directed the Assessing Officer to allow Foreign Tax Credit after due verification of Form 67, allowing the assessee's appeal for statistical purposes.
The assessee, a salaried employee working for Tessolve Semiconductor Pvt. Ltd. and Tessolve Inc., earned income from salary, house property, capital gains, dividend, and interest. The assessee claimed foreign tax credit, which was denied by the CPC due to the late filing of Form 67 along with the return of income u/s 139. The Tribunal, relying on a previous Bangalore Bench decision, held that Rule 128(9) does not provide for disallowance of FTC in case of delay in filing Form 67. Filing Form 67 is a directory requirement, and the DTAA overrides the provisions of the Act. The Tribunal directed the Assessing Officer to allow Foreign Tax Credit after due verification of Form 67, allowing the assessee's appeal for statistical purposes.
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