Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
The ITAT held that the departmental authorities failed to discharge their duty to examine and reasonedly accept or reject the assessee's evidences, having merely followed prior decisions without confronting contrary material; consequently, the Tribunal concluded that the assessee did not maintain a permanent establishment in India, whether a fixed place PE or a dependent agent PE, for the assessment year under scrutiny. As no PE existed, no business profits were attributable to India and no income was deemed to accrue or arise in India on account of such PE. The impugned assessments are therefore disallowed to the extent premised on the existence of a PE.
The ITAT held that the departmental authorities failed to discharge their duty to examine and reasonedly accept or reject the assessee's evidences, having merely followed prior decisions without confronting contrary material; consequently, the Tribunal concluded that the assessee did not maintain a permanent establishment in India, whether a fixed place PE or a dependent agent PE, for the assessment year under scrutiny. As no PE existed, no business profits were attributable to India and no income was deemed to accrue or arise in India on account of such PE. The impugned assessments are therefore disallowed to the extent premised on the existence of a PE.
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