Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
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The Tribunal held that the notice issued u/s 148 by the Jurisdictional Assessing Officer (JAO) was invalid as it should have been issued by the Faceless Assessing Officer (FAO) who conducted the assessment proceedings, relying on the Bombay High Court's decision in Hexaware Technologies Ltd. The reopening was based on incorrect information that the assessee had purchased goods from a Pvt. Ltd. company, whereas the facts revealed that the assessee had sold goods worth Rs. 85,69,197/- to same company. The Tribunal further held that the addition made u/s 68 was unjustified as the assessee had already offered the sales for taxation and had discharged its onus by producing overwhelming evidence of the sales recorded in the books of account. Consequently, the ITAT allowed the assessee's appeal.
The Tribunal held that the notice issued u/s 148 by the Jurisdictional Assessing Officer (JAO) was invalid as it should have been issued by the Faceless Assessing Officer (FAO) who conducted the assessment proceedings, relying on the Bombay High Court's decision in Hexaware Technologies Ltd. The reopening was based on incorrect information that the assessee had purchased goods from a Pvt. Ltd. company, whereas the facts revealed that the assessee had sold goods worth Rs. 85,69,197/- to same company. The Tribunal further held that the addition made u/s 68 was unjustified as the assessee had already offered the sales for taxation and had discharged its onus by producing overwhelming evidence of the sales recorded in the books of account. Consequently, the ITAT allowed the assessee's appeal.
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