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...
Interplay between the special tax rules for non-resident exploration services and the withholding certificate regime turned on whether the petitioner's seismic survey receipts constitute FTS or Royalty rather than business income under the alternative provision. The court noted prior authority holding identical 2D/3D seismic survey receipts were not FTS, found the assessing officer gave no reasons for departing from that view or for distinguishing FTS from Royalty, and set aside the certificate under the withholding regime, remanding for reassessment in light of the cited precedents and on the elemental question whether receipts are FTS or Royalty.
Interplay between the special tax rules for non-resident exploration services and the withholding certificate regime turned on whether the petitioner's seismic survey receipts constitute FTS or Royalty rather than business income under the alternative provision. The court noted prior authority holding identical 2D/3D seismic survey receipts were not FTS, found the assessing officer gave no reasons for departing from that view or for distinguishing FTS from Royalty, and set aside the certificate under the withholding regime, remanding for reassessment in light of the cited precedents and on the elemental question whether receipts are FTS or Royalty.
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