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 ITAT allowed the appeal of the assessee, holding that the penalty order u/s 270A was barred by limitation prescribed u/s 275(1)(c). The Tribunal noted that penalty proceedings were initiated in December 2020, whether reckoned from the assessment order or from the penalty notice dated 08.12.2020. Consequently, the two possible limitation dates under s. 275(1)(c) were 31.03.2021 (end of the financial year) and 30.06.2021 (six months from the end of December 2020), with 30.06.2021 being the outer limit. As the penalty order was passed on 30.12.2021, it was held to be time-barred and without jurisdiction. The penalty was accordingly quashed, and the assessee's appeal was allowed in full.
The ITAT allowed the appeal of the assessee, holding that the penalty order u/s 270A was barred by limitation prescribed u/s 275(1)(c). The Tribunal noted that penalty proceedings were initiated in December 2020, whether reckoned from the assessment order or from the penalty notice dated 08.12.2020. Consequently, the two possible limitation dates under s. 275(1)(c) were 31.03.2021 (end of the financial year) and 30.06.2021 (six months from the end of December 2020), with 30.06.2021 being the outer limit. As the penalty order was passed on 30.12.2021, it was held to be time-barred and without jurisdiction. The penalty was accordingly quashed, and the assessee's appeal was allowed in full.
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