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...
The ITAT remanded the matter to the TPO for a fresh transfer pricing examination concerning the interest rate on ECB loans from the AE, directing the application of the FAR analysis in selecting comparables. The tribunal noted the absence of such analysis in prior proceedings and acknowledged the assessee's RBI approvals for payments to the AE. It emphasized that the TPO must consider RBI-prescribed interest rates relevant for benchmarking commercial borrowings during the relevant period. Consequently, the assessee's appeal was allowed for statistical purposes, mandating a reassessment consistent with these guidelines.
The ITAT remanded the matter to the TPO for a fresh transfer pricing examination concerning the interest rate on ECB loans from the AE, directing the application of the FAR analysis in selecting comparables. The tribunal noted the absence of such analysis in prior proceedings and acknowledged the assessee's RBI approvals for payments to the AE. It emphasized that the TPO must consider RBI-prescribed interest rates relevant for benchmarking commercial borrowings during the relevant period. Consequently, the assessee's appeal was allowed for statistical purposes, mandating a reassessment consistent with these guidelines.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
