Third-party loose sheets require reliable nexus before supporting unexplained expenditure additions; presumptions do not establish payer identity or o...
TNMM comparability using audited accounts and working-capital adjustments can eliminate unwarranted transfer-pricing additions where verified margins ...
Gross-profit additions on disputed purchases require reasoned appellate determination; disclosed claims alone do not support inaccurate-particulars pe...
Limitation after transfer-pricing remand: fresh TPO reference did not extend the assessment deadline, rendering the consequential assessment time-barr...
Interim judicial restraint on tax deduction prevents default, while supporting reasonable cause and penalty deletion for foreign-leg LFC reimbursement...
Palmolein classification defeated the crude-oil concession; material misdeclaration sustained recovery and confiscation, while separate false-document...
The Division Bench of the Hon'ble High Court of Ahmedabad set aside Policy Circular No. 22/2015-20 dated 29.03.2019 issued by DGFT regarding the applicability of amendment to Para 5.10(c) of Hand Book of Procedures 2015-20 (Mid-Term Review) on third party exports under the EPCG Scheme. Subsequently, the SLP filed by the Union of India before the Hon'ble Supreme Court was dismissed. Consequently, the amendment to Para 5.10(c) is prospective in nature and applicable only to third party exports made against EPCG Authorisations issued on or after 05.12.2017. For exports prior to 05.12.2017, the earlier provisions would govern the counting of third party exports towards fulfilment of export obligation.
The Division Bench of the Hon'ble High Court of Ahmedabad set aside Policy Circular No. 22/2015-20 dated 29.03.2019 issued by DGFT regarding the applicability of amendment to Para 5.10(c) of Hand Book of Procedures 2015-20 (Mid-Term Review) on third party exports under the EPCG Scheme. Subsequently, the SLP filed by the Union of India before the Hon'ble Supreme Court was dismissed. Consequently, the amendment to Para 5.10(c) is prospective in nature and applicable only to third party exports made against EPCG Authorisations issued on or after 05.12.2017. For exports prior to 05.12.2017, the earlier provisions would govern the counting of third party exports towards fulfilment of export obligation.
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