Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
Whether penalty under s.13(1) FEMA for contravention relating to export proceeds/undervaluation should be enhanced up to three times was rejected because the provision prescribes only a maximum ceiling and no minimum or fixed penalty, leaving quantum to the adjudicating authority's judicious discretion based on facts and evidence. The adjudication order contained detailed, reasoned findings evaluating the record, and there is no statutory mandate to impose the maximum penalty merely because it is permissible. Consequently, the request for enhancement failed and the appeal was dismissed. - AT
Whether penalty under s.13(1) FEMA for contravention relating to export proceeds/undervaluation should be enhanced up to three times was rejected because the provision prescribes only a maximum ceiling and no minimum or fixed penalty, leaving quantum to the adjudicating authority's judicious discretion based on facts and evidence. The adjudication order contained detailed, reasoned findings evaluating the record, and there is no statutory mandate to impose the maximum penalty merely because it is permissible. Consequently, the request for enhancement failed and the appeal was dismissed. - AT
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