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...
ITAT held that penalty u/s 272A(1)(c) for non-compliance of summons is not sustainable. The tribunal found no substantive evidence of willful default by the assessee. First notice via email was disputed and not conclusively proven as served. Second notice involved a legitimate adjournment request. Third notice was also contested as unserved, with revenue not contradicting the claim. Fourth notice was fully complied with. Applying Section 273B, the tribunal determined reasonable cause existed for the alleged non-compliance. Consequently, the tribunal allowed the assessee's grounds and set aside the penalty proceedings, emphasizing procedural fairness and lack of deliberate contumacy.
ITAT held that penalty u/s 272A(1)(c) for non-compliance of summons is not sustainable. The tribunal found no substantive evidence of willful default by the assessee. First notice via email was disputed and not conclusively proven as served. Second notice involved a legitimate adjournment request. Third notice was also contested as unserved, with revenue not contradicting the claim. Fourth notice was fully complied with. Applying Section 273B, the tribunal determined reasonable cause existed for the alleged non-compliance. Consequently, the tribunal allowed the assessee's grounds and set aside the penalty proceedings, emphasizing procedural fairness and lack of deliberate contumacy.
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