Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Permanent establishment deductions upheld for expatriate salaries, direct costs and trading losses, while head-office costs require fresh classificati...
Data transmission equipment classification under CTSH 8517 62 remains distinct from residual classification, with exemption evidence requiring scrutin...
The HC held that the 30-day period prescribed under Section 62(2) for belated filing of returns is directory, not mandatory. Notices under Section 46 issued for defaults in filing monthly returns under Section 39 were valid, requiring the assessee to file within 15 days or face assessment to the best of the officer's judgment. Under Section 62(1), the assessing officer may pass assessment orders within five years from the date specified under Section 44 for annual returns, with no prohibition on early assessment. Notices under Section 46 for default in filing annual returns can only be issued after December 31 following the financial year's end, making Section 62 procedures inapplicable to annual return defaults. The appeal was accordingly disposed of.
The HC held that the 30-day period prescribed under Section 62(2) for belated filing of returns is directory, not mandatory. Notices under Section 46 issued for defaults in filing monthly returns under Section 39 were valid, requiring the assessee to file within 15 days or face assessment to the best of the officer's judgment. Under Section 62(1), the assessing officer may pass assessment orders within five years from the date specified under Section 44 for annual returns, with no prohibition on early assessment. Notices under Section 46 for default in filing annual returns can only be issued after December 31 following the financial year's end, making Section 62 procedures inapplicable to annual return defaults. The appeal was accordingly disposed of.
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