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 HC held that the authorities erred by focusing solely on ancillary documents without examining the substantive evidence regarding the movement of goods or verifying compliance with statutory ITC conditions. Although the supplier was later deregistered, their registration was valid at the relevant time, and the revenue failed to conclusively determine whether the supplier had fulfilled GST obligations or whether the petitioner was entitled to claim the input tax credit. The court emphasized the necessity of assessing the supplier's tax payment status as a critical factor in ITC eligibility. Consequently, both the original and appellate authorities failed to discharge their statutory duties properly. The petition was allowed, and the impugned demand for ineligible ITC, along with interest and penalty, was set aside.
The HC held that the authorities erred by focusing solely on ancillary documents without examining the substantive evidence regarding the movement of goods or verifying compliance with statutory ITC conditions. Although the supplier was later deregistered, their registration was valid at the relevant time, and the revenue failed to conclusively determine whether the supplier had fulfilled GST obligations or whether the petitioner was entitled to claim the input tax credit. The court emphasized the necessity of assessing the supplier's tax payment status as a critical factor in ITC eligibility. Consequently, both the original and appellate authorities failed to discharge their statutory duties properly. The petition was allowed, and the impugned demand for ineligible ITC, along with interest and penalty, was set aside.
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