Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
HC remanded tax assessment proceedings involving long-term capital gains on property sale. The ITAT directed de novo assessment requiring personal hearing, which the assessing officer failed to provide. The court found the officer improperly considered previous materials and did not grant the assessee an opportunity to be heard through video conference. Regarding Section 50-C, the court clarified that guideline value supersedes sale deed value for tax calculation, and the petitioner is entitled to be heard on tax liability proportionate to property ownership. The matter was consequently returned to the assessing officer for proper procedural compliance, with the writ appeal being allowed.
HC remanded tax assessment proceedings involving long-term capital gains on property sale. The ITAT directed de novo assessment requiring personal hearing, which the assessing officer failed to provide. The court found the officer improperly considered previous materials and did not grant the assessee an opportunity to be heard through video conference. Regarding Section 50-C, the court clarified that guideline value supersedes sale deed value for tax calculation, and the petitioner is entitled to be heard on tax liability proportionate to property ownership. The matter was consequently returned to the assessing officer for proper procedural compliance, with the writ appeal being allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
