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 assessing officer (AO) is empowered u/s 275(1A) to revise the penalty order by giving a reasonable opportunity of hearing to the assessee within six months from the receipt of an appellate or revision order modifying the assessment. In the event the order passed by the Tribunal is modified by the High Court, the AO is required to give effect to the High Court's judgment by invoking Section 275(1A) and revise the penalty order accordingly. The CIT(A) correctly followed the Coordinate Bench decision and deleted the proportionate penalty levied by the AO to the extent of additions not confirmed by the Appellate Tribunal. The Revenue failed to demonstrate any stay order issued by the High Court against the Tribunal's order. Hence, the CIT(A)'s order confirming the penalty to the extent of additions confirmed by the Appellate Tribunal is upheld, and the Revenue's ground is dismissed.
The assessing officer (AO) is empowered u/s 275(1A) to revise the penalty order by giving a reasonable opportunity of hearing to the assessee within six months from the receipt of an appellate or revision order modifying the assessment. In the event the order passed by the Tribunal is modified by the High Court, the AO is required to give effect to the High Court's judgment by invoking Section 275(1A) and revise the penalty order accordingly. The CIT(A) correctly followed the Coordinate Bench decision and deleted the proportionate penalty levied by the AO to the extent of additions not confirmed by the Appellate Tribunal. The Revenue failed to demonstrate any stay order issued by the High Court against the Tribunal's order. Hence, the CIT(A)'s order confirming the penalty to the extent of additions confirmed by the Appellate Tribunal is upheld, and the Revenue's ground is dismissed.
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