Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
A federal agency filed a case against a Bengaluru-based credit payment app company for violating foreign direct investment (FDI) rules by receiving over Rs 913 crore without required government approvals. The company obtained FDI under the automatic route and issued convertible notes without prior government consent, contrary to the Foreign Exchange Management Act. Although the company declared its business as information technology services, its financial activities required FDI approval under the 100 percent approval route. The agency's investigation revealed the company received Rs 648 crore in FDI and issued convertible notes worth Rs 264 crore without the necessary government permissions, rendering it liable for legal proceedings under foreign exchange regulations.
A federal agency filed a case against a Bengaluru-based credit payment app company for violating foreign direct investment (FDI) rules by receiving over Rs 913 crore without required government approvals. The company obtained FDI under the automatic route and issued convertible notes without prior government consent, contrary to the Foreign Exchange Management Act. Although the company declared its business as information technology services, its financial activities required FDI approval under the 100 percent approval route. The agency's investigation revealed the company received Rs 648 crore in FDI and issued convertible notes worth Rs 264 crore without the necessary government permissions, rendering it liable for legal proceedings under foreign exchange regulations.
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TaxTMI 
TaxTMI 
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