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...
ITAT set aside the assessments computed under s.44BB and held that the India-Norway DTAA applies; paras 2-3 of Article 21 are inapplicable because the taxpayer, a Norway tax resident providing vessels for transportation on bareboat charter to entities engaged in seabed exploration, is not itself conducting exploration/exploitation. Article 21(4) governs computation of income for enterprises operating vessels, and the AO was directed to compute the taxpayer's total income and tax liability in accordance with Article 21(4) of the India-Norway treaty. Grounds raised by the taxpayer were allowed and the matter remitted to the AO for recomputation consistent with this ruling.
ITAT set aside the assessments computed under s.44BB and held that the India-Norway DTAA applies; paras 2-3 of Article 21 are inapplicable because the taxpayer, a Norway tax resident providing vessels for transportation on bareboat charter to entities engaged in seabed exploration, is not itself conducting exploration/exploitation. Article 21(4) governs computation of income for enterprises operating vessels, and the AO was directed to compute the taxpayer's total income and tax liability in accordance with Article 21(4) of the India-Norway treaty. Grounds raised by the taxpayer were allowed and the matter remitted to the AO for recomputation consistent with this ruling.
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TaxTMI 
TaxTMI 
of 4918 
