Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
The HC held that a notice issued under s.148 by the jurisdictional Assessing Officer was void for want of jurisdiction where the statute mandates issuance by the FAO; this inherent lack of jurisdiction cannot be cured by consent or by the assessee's prior abandonment of challenge. The Court applied the principle that statutory powers must be exercised by the authority designated by statute, and any exercise inconsistent with statutory prescription is a nullity. Consequently, the petitioner's writ challenging the s.148 notice was maintainable despite earlier acquiescence, and the impugned notice (and any consequential action) was declared invalid, decision rendered in favour of the assessee.
The HC held that a notice issued under s.148 by the jurisdictional Assessing Officer was void for want of jurisdiction where the statute mandates issuance by the FAO; this inherent lack of jurisdiction cannot be cured by consent or by the assessee's prior abandonment of challenge. The Court applied the principle that statutory powers must be exercised by the authority designated by statute, and any exercise inconsistent with statutory prescription is a nullity. Consequently, the petitioner's writ challenging the s.148 notice was maintainable despite earlier acquiescence, and the impugned notice (and any consequential action) was declared invalid, decision rendered in favour of the assessee.
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