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 allowed the writ petition by quashing the appellate order dated June 28, 2024, due to procedural irregularities and arbitrary actions in the demand of tax, interest, and penalties u/ss 16(2)(c) and 73 of the GST Act. The Court held that provisions on limitation should be interpreted liberally where genuine hardships are demonstrated, considering judicial precedents supporting such relief. The Court found the petitioner's case meritorious in light of the procedural irregularities and arbitrary nature of the actions taken by the authorities.
The High Court allowed the writ petition by quashing the appellate order dated June 28, 2024, due to procedural irregularities and arbitrary actions in the demand of tax, interest, and penalties u/ss 16(2)(c) and 73 of the GST Act. The Court held that provisions on limitation should be interpreted liberally where genuine hardships are demonstrated, considering judicial precedents supporting such relief. The Court found the petitioner's case meritorious in light of the procedural irregularities and arbitrary nature of the actions taken by the authorities.
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