Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
ITAT quashed additions made under section 153A for AY 2013-14 to 2015-16 due to absence of incriminating material found during search proceedings. The Tribunal emphasized that in unabated assessments, additions require supporting incriminating evidence discovered during search. Additionally, the approval granted under section 153D was deemed invalid as Additional CIT failed to demonstrate proper application of mind, merely providing symbolic approval without substantive review. The approval memo revealed delegation of statutory duty to subordinate AO, contrary to legal requirements. Following Abhisar Buildwell precedent, ITAT invalidated the assessment orders, holding them legally unsustainable due to procedural defects in both search-based additions and supervisory approval process.
ITAT quashed additions made under section 153A for AY 2013-14 to 2015-16 due to absence of incriminating material found during search proceedings. The Tribunal emphasized that in unabated assessments, additions require supporting incriminating evidence discovered during search. Additionally, the approval granted under section 153D was deemed invalid as Additional CIT failed to demonstrate proper application of mind, merely providing symbolic approval without substantive review. The approval memo revealed delegation of statutory duty to subordinate AO, contrary to legal requirements. Following Abhisar Buildwell precedent, ITAT invalidated the assessment orders, holding them legally unsustainable due to procedural defects in both search-based additions and supervisory approval process.
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