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 allowed the petition and quashed the composite SCN and resultant assessment order issued by the respondents insofar as they aggregate multiple financial years into a single proceeding. The court held Sections 73/74 (including sub-sections prescribing 3/5-year limitation) treat each financial year as a distinct tax period; therefore issuance of a single SCN spanning more than one financial year is impermissible and results in jurisdictional overreach rendering the order void ab initio. The HC directed that show-cause notices and assessments must be year-specific in accordance with the limitation scheme and statutory safeguards, and that annual returns delineate the applicable tax period for issuance of SCNs.
The HC allowed the petition and quashed the composite SCN and resultant assessment order issued by the respondents insofar as they aggregate multiple financial years into a single proceeding. The court held Sections 73/74 (including sub-sections prescribing 3/5-year limitation) treat each financial year as a distinct tax period; therefore issuance of a single SCN spanning more than one financial year is impermissible and results in jurisdictional overreach rendering the order void ab initio. The HC directed that show-cause notices and assessments must be year-specific in accordance with the limitation scheme and statutory safeguards, and that annual returns delineate the applicable tax period for issuance of SCNs.
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