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 Delhi State Tax Department adopted CBIC Circular No. 236/30/2024-GST clarifying the scope of "as is/as is, where is basis" regularization in GST matters. The circular, issued under Section 168 of CGST Act 2017 following GST Council's 54th meeting recommendation, addresses field formation doubts regarding tax regularization where competing rates existed. The clarification establishes that regularization applies when genuine interpretational doubts arose between different GST rates, allowing taxpayers who paid lower rates to treat such payments as full discharge of liability without additional payment obligations. However, those who paid higher rates receive no refunds, and regularization excludes cases where no tax was paid at all. The circular provides three illustrations demonstrating application scenarios involving rate differentials of 5%, 12%, and nil rates, emphasizing that regularization only validates actual payments made at declared rates in filed returns, not non-payment situations.
The Delhi State Tax Department adopted CBIC Circular No. 236/30/2024-GST clarifying the scope of "as is/as is, where is basis" regularization in GST matters. The circular, issued under Section 168 of CGST Act 2017 following GST Council's 54th meeting recommendation, addresses field formation doubts regarding tax regularization where competing rates existed. The clarification establishes that regularization applies when genuine interpretational doubts arose between different GST rates, allowing taxpayers who paid lower rates to treat such payments as full discharge of liability without additional payment obligations. However, those who paid higher rates receive no refunds, and regularization excludes cases where no tax was paid at all. The circular provides three illustrations demonstrating application scenarios involving rate differentials of 5%, 12%, and nil rates, emphasizing that regularization only validates actual payments made at declared rates in filed returns, not non-payment situations.
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