International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Validity of a final assessment under section 144C(13) hinges on the applicable limitation period, and the article explains that limitation must be determined by reading section 144C with section 153 together because both provisions overlap and are interdependent. Following precedent from a High Court and an ITAT decision, the note records that a final assessment for the specified year was treated as timebarred when limitation under section 153 read with section 144C was applied, resulting in quashing of the order, while parties retain liberty to revive the appeal pending the Supreme Court largerbench decision on the issue.
Validity of a final assessment under section 144C(13) hinges on the applicable limitation period, and the article explains that limitation must be determined by reading section 144C with section 153 together because both provisions overlap and are interdependent. Following precedent from a High Court and an ITAT decision, the note records that a final assessment for the specified year was treated as timebarred when limitation under section 153 read with section 144C was applied, resulting in quashing of the order, while parties retain liberty to revive the appeal pending the Supreme Court largerbench decision on the issue.
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