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...
The HC held that the impugned transfer pricing adjustment was applied to the petitioner's entire turnover/operating costs rather than being confined to international/related-party transactions, which is contrary to settled law. The petitioner may press all available submissions before the CIT(A) in the pending statutory appeal; the CIT(A) is directed to decide the appeal expeditiously, preferably within 12 months. Pending disposal of the appeal and for four weeks thereafter, the Revenue is restrained from recovering taxes and interest attributable to the excess transfer pricing adjustment (≈ Rs.11,55,90,71,049 or as correctly computed) and from taking further proceedings on that specific issue. Stay applications on other additions to be decided by the Principal Commissioner in accordance with law.
The HC held that the impugned transfer pricing adjustment was applied to the petitioner's entire turnover/operating costs rather than being confined to international/related-party transactions, which is contrary to settled law. The petitioner may press all available submissions before the CIT(A) in the pending statutory appeal; the CIT(A) is directed to decide the appeal expeditiously, preferably within 12 months. Pending disposal of the appeal and for four weeks thereafter, the Revenue is restrained from recovering taxes and interest attributable to the excess transfer pricing adjustment (≈ Rs.11,55,90,71,049 or as correctly computed) and from taking further proceedings on that specific issue. Stay applications on other additions to be decided by the Principal Commissioner in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
