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...
HC dismissed the petitioner's claim for input tax credit despite non-filing of returns under Section 39 of WBGST/CGST Act, 2017 within prescribed time limits. Although Covid-19 pandemic prevailed during 2020-21 and Supreme Court extended limitation periods for appeals and proceedings, the legislature deliberately chose not to extend the return filing deadline under Section 39 beyond November 30, 2021, evidenced by subsequent insertion of Section 16(5). Court held that since constitutional validity of the provision was unchallenged and legislature was conscious of pandemic situation yet maintained the deadline, petitioner's contention for benefit of input tax credit could not be accepted. Petition dismissed for failure to comply with statutory filing requirements.
HC dismissed the petitioner's claim for input tax credit despite non-filing of returns under Section 39 of WBGST/CGST Act, 2017 within prescribed time limits. Although Covid-19 pandemic prevailed during 2020-21 and Supreme Court extended limitation periods for appeals and proceedings, the legislature deliberately chose not to extend the return filing deadline under Section 39 beyond November 30, 2021, evidenced by subsequent insertion of Section 16(5). Court held that since constitutional validity of the provision was unchallenged and legislature was conscious of pandemic situation yet maintained the deadline, petitioner's contention for benefit of input tax credit could not be accepted. Petition dismissed for failure to comply with statutory filing requirements.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
