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 set aside the impugned order dated 28.04.2024, holding that proceedings under Section 73 were vitiated for failure to issue a formal, authenticated show-cause notice (SCN) as mandated by Section 73 and Rule 142(1)(a); a summary in FORM GST DRC-01 or an attached statement of tax determination cannot substitute for a proper SCN. The court found breach of principles of natural justice where the Summary and attachments in GST DRC-01/DRC-07 lacked proper authentication and did not afford a meaningful opportunity to respond. The respondents were granted liberty to initiate fresh proceedings de novo under Section 73 if deemed appropriate. Petition allowed.
The HC set aside the impugned order dated 28.04.2024, holding that proceedings under Section 73 were vitiated for failure to issue a formal, authenticated show-cause notice (SCN) as mandated by Section 73 and Rule 142(1)(a); a summary in FORM GST DRC-01 or an attached statement of tax determination cannot substitute for a proper SCN. The court found breach of principles of natural justice where the Summary and attachments in GST DRC-01/DRC-07 lacked proper authentication and did not afford a meaningful opportunity to respond. The respondents were granted liberty to initiate fresh proceedings de novo under Section 73 if deemed appropriate. Petition allowed.
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