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 held that, upon approval of the resolution plan on 17.03.2023, all tax liabilities of the corporate debtor for the pre-approval period stood waived and extinguished, rendering the petitioner not liable for the disputed ineligible input tax credit and any failure to declare tax for FY 2020-21. Relying on Supreme Court authority that successful resolution applicants must not be confronted with undecided claims post-approval, the court found no jurisdiction for respondents to issue the impugned notices and show-cause communications. Consequently the impugned orders and SCNs were set aside and the petition was allowed, relieving the petitioner of the contested pre-approval tax obligations.
The HC held that, upon approval of the resolution plan on 17.03.2023, all tax liabilities of the corporate debtor for the pre-approval period stood waived and extinguished, rendering the petitioner not liable for the disputed ineligible input tax credit and any failure to declare tax for FY 2020-21. Relying on Supreme Court authority that successful resolution applicants must not be confronted with undecided claims post-approval, the court found no jurisdiction for respondents to issue the impugned notices and show-cause communications. Consequently the impugned orders and SCNs were set aside and the petition was allowed, relieving the petitioner of the contested pre-approval tax obligations.
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