Transfer pricing comparables and operating income principles applied to software development services, with exclusions, inclusions, and tax credit ver...
Transfer pricing on performance guarantees and overdue receivables deleted where warranty obligations were embedded and working capital adjustment alr...
Assessment u/s 147 versus 153C - choice of correct course of assessment. The assessee's name featured in the list of beneficiaries of accommodation entries by way of share capital premium/loan. The Assessing Officer did not record a satisfaction note or forward it to the assessee's Assessing Officer, failing to satisfy the conditions for reopening assessment u/s 153C. Recourse to Section 147 based on information received by the Investigation Wing was not precluded. The search in Jain Brothers' case was conducted on 14.09.2010. Section 153C(1) then allowed assessment/reassessment of income u/s 153C only if assets, documents, or books belonged to the person other than the searched person. On 12.03.2013, when the Assessing Officer received information, reassessment u/s 153C was impermissible. The amendment by Finance Act, 2015, applicable to searches before 01.06.2015, did not impact this case. The jurisdictional condition for the Assessing Officer to assume jurisdiction u/s 153C was not satisfied, aligning with Abhisar Buildwell (P.) Ltd. The appeal is allowed, and the assessee's appeal is restored before the ITAT for consideration on other grounds.
Assessment u/s 147 versus 153C - choice of correct course of assessment. The assessee's name featured in the list of beneficiaries of accommodation entries by way of share capital premium/loan. The Assessing Officer did not record a satisfaction note or forward it to the assessee's Assessing Officer, failing to satisfy the conditions for reopening assessment u/s 153C. Recourse to Section 147 based on information received by the Investigation Wing was not precluded. The search in Jain Brothers' case was conducted on 14.09.2010. Section 153C(1) then allowed assessment/reassessment of income u/s 153C only if assets, documents, or books belonged to the person other than the searched person. On 12.03.2013, when the Assessing Officer received information, reassessment u/s 153C was impermissible. The amendment by Finance Act, 2015, applicable to searches before 01.06.2015, did not impact this case. The jurisdictional condition for the Assessing Officer to assume jurisdiction u/s 153C was not satisfied, aligning with Abhisar Buildwell (P.) Ltd. The appeal is allowed, and the assessee's appeal is restored before the ITAT for consideration on other grounds.
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