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...
Regarding the disallowance of late deposit of ESI/PF u/s 36(1)(va), following the Supreme Court's ratio in Checkmate Services, the ITAT allowed the Revenue's ground and upheld the Assessing Officer's addition. Concerning the disallowance on account of sundry creditors, the assessee had written off the credit balances during the subsequent year, and reversing the addition would amount to double taxation; hence, the ITAT dismissed the Revenue's ground. Pertaining to the disallowance of depreciation at 25% on the opening WDV of intellectual property rights, the ITAT held that the merger effectively took place in FY 2013-14, and the assets, including the patented technology's value accepted by the High Court, merged with the assessee company. The Assessing Officer erred by passing the assessment order on a standalone basis despite knowledge of the amalgamation. The tax authorities are bound to consider the assessee's state of affairs as on 01/04/2013, and the return filed reflecting the consolidated balance sheet should have been accepted. The value of the patent technology was accepted by the High Court and the Assessing Officer in the scrutiny proceedings for AY 2014-15. Therefore, the CIT.
Regarding the disallowance of late deposit of ESI/PF u/s 36(1)(va), following the Supreme Court's ratio in Checkmate Services, the ITAT allowed the Revenue's ground and upheld the Assessing Officer's addition. Concerning the disallowance on account of sundry creditors, the assessee had written off the credit balances during the subsequent year, and reversing the addition would amount to double taxation; hence, the ITAT dismissed the Revenue's ground. Pertaining to the disallowance of depreciation at 25% on the opening WDV of intellectual property rights, the ITAT held that the merger effectively took place in FY 2013-14, and the assets, including the patented technology's value accepted by the High Court, merged with the assessee company. The Assessing Officer erred by passing the assessment order on a standalone basis despite knowledge of the amalgamation. The tax authorities are bound to consider the assessee's state of affairs as on 01/04/2013, and the return filed reflecting the consolidated balance sheet should have been accepted. The value of the patent technology was accepted by the High Court and the Assessing Officer in the scrutiny proceedings for AY 2014-15. Therefore, the CIT.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
