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 dismissed the writ petition seeking condonation of delay for filing an appeal under Section 107 of the Act, holding that the statutory limitation is absolute and not extendable by the writ court or by application of Section 5 of the Limitation Act. The court reiterated that the Act constitutes a self-contained code with an inbuilt limitation mechanism, thereby implicitly excluding the Limitation Act's extension power. The appellate forum and the prescribed statutory procedure are the sole remedy for challenge; equitable relief to condone delay beyond the statutory period is unavailable. Accordingly, the petitioner's delay was incurable and the petition was dismissed.
The HC dismissed the writ petition seeking condonation of delay for filing an appeal under Section 107 of the Act, holding that the statutory limitation is absolute and not extendable by the writ court or by application of Section 5 of the Limitation Act. The court reiterated that the Act constitutes a self-contained code with an inbuilt limitation mechanism, thereby implicitly excluding the Limitation Act's extension power. The appellate forum and the prescribed statutory procedure are the sole remedy for challenge; equitable relief to condone delay beyond the statutory period is unavailable. Accordingly, the petitioner's delay was incurable and the petition was dismissed.
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