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...
HC set aside both assessment and rectification orders, finding no statutory basis for computing tax on 40% of total turnover as taxable transactions within Bihar state. The petitioner had already shown specific gross turnover in annual returns. Court directed petitioner to appear before Assessing Officer with supporting documentation on December 20, 2024. Assessing Officer must provide hearing opportunity and complete reassessment either on same date or subsequent date with proper acknowledgment from assessee or authorized representative. Matter requires fresh assessment based on actual turnover data rather than arbitrary percentage calculations.
HC set aside both assessment and rectification orders, finding no statutory basis for computing tax on 40% of total turnover as taxable transactions within Bihar state. The petitioner had already shown specific gross turnover in annual returns. Court directed petitioner to appear before Assessing Officer with supporting documentation on December 20, 2024. Assessing Officer must provide hearing opportunity and complete reassessment either on same date or subsequent date with proper acknowledgment from assessee or authorized representative. Matter requires fresh assessment based on actual turnover data rather than arbitrary percentage calculations.
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