Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Rejection of a nil/low withholding certificate under s.197 was challenged on the ground that the AO fixed withholding at 8.75% by presuming a dependent agent PE in India based solely on findings from earlier years. The court held that taxability and PE determination are assessment-year specific, and the ITAT's findings for AYs 2021-22 and 2022-23 that no dependent agent PE existed materially undermined reliance on past assessments for current withholding purposes. As the challenge for AY 2024-25 was withdrawn and there was no demonstrated PE finding for subsequent years, the AO was directed to reconsider the s.197 certificate for AY 2025-26 afresh on that year's facts. - HC
Rejection of a nil/low withholding certificate under s.197 was challenged on the ground that the AO fixed withholding at 8.75% by presuming a dependent agent PE in India based solely on findings from earlier years. The court held that taxability and PE determination are assessment-year specific, and the ITAT's findings for AYs 2021-22 and 2022-23 that no dependent agent PE existed materially undermined reliance on past assessments for current withholding purposes. As the challenge for AY 2024-25 was withdrawn and there was no demonstrated PE finding for subsequent years, the AO was directed to reconsider the s.197 certificate for AY 2025-26 afresh on that year's facts. - HC
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TaxTMI 
TaxTMI 
of 4918 
