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 High Court held that once an appeal by the Revenue is included in the application for settlement under the Direct Tax Vivad Se Vishwas Act, 2020 (VSV Act), all disputes forming the subject matter of that appeal and the potential outcome become subject to closure and discontinuance. The tax liability arising from such appeal sets is governed exclusively by the VSV Act. The issuance of the certificate u/s 5 of the VSV Act renders both appeals closed and all aspects of disputation rendered quietus. The Court rejected the claim for statutory interest u/s 244A of the Income Tax Act. However, it directed the respondents to pay interest at 5% per annum on account of the delay in releasing the amount determined under the VSV Act, for the period between February/November 2021 to February 2023.
The High Court held that once an appeal by the Revenue is included in the application for settlement under the Direct Tax Vivad Se Vishwas Act, 2020 (VSV Act), all disputes forming the subject matter of that appeal and the potential outcome become subject to closure and discontinuance. The tax liability arising from such appeal sets is governed exclusively by the VSV Act. The issuance of the certificate u/s 5 of the VSV Act renders both appeals closed and all aspects of disputation rendered quietus. The Court rejected the claim for statutory interest u/s 244A of the Income Tax Act. However, it directed the respondents to pay interest at 5% per annum on account of the delay in releasing the amount determined under the VSV Act, for the period between February/November 2021 to February 2023.
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