ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
The HC held that s.144C(13) is mandatory and the AO was bound to complete assessment in strict conformity with the DRP's directions within one month from the end of the month in which such directions were received. The AO's failure to do so rendered the proceedings in respect of the transfer-pricing addition time-barred; the transfer-pricing adjustment is therefore declared non est. The Respondent is directed to recompute the Applicant's total income for AY 2011-12 excluding the transfer-pricing adjustment and to refund any resultant amount with statutory interest within eight weeks from the date of uploading the order. The AO had no discretion to extend or deviate from the statutory timeline.
The HC held that s.144C(13) is mandatory and the AO was bound to complete assessment in strict conformity with the DRP's directions within one month from the end of the month in which such directions were received. The AO's failure to do so rendered the proceedings in respect of the transfer-pricing addition time-barred; the transfer-pricing adjustment is therefore declared non est. The Respondent is directed to recompute the Applicant's total income for AY 2011-12 excluding the transfer-pricing adjustment and to refund any resultant amount with statutory interest within eight weeks from the date of uploading the order. The AO had no discretion to extend or deviate from the statutory timeline.
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