Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Arbitrator exceeded contractual scope by creating a non-existent clause to deduct shortfall in Minimum Guaranteed CENVAT Credit (MGCC) from invoices; the correct legal principle is that arbitrators must decide within the four corners of the contract and cannot add terms. The arbitrator wrongly treated the tax component as excluded from MGCC and failed to apply clause 14.5.2 correctly, which only denies reimbursement if documents to avail CENVAT are not produced. Because the arbitrator ventured beyond contractual terms and committed patent illegality, the arbitral award was set aside.
Arbitrator exceeded contractual scope by creating a non-existent clause to deduct shortfall in Minimum Guaranteed CENVAT Credit (MGCC) from invoices; the correct legal principle is that arbitrators must decide within the four corners of the contract and cannot add terms. The arbitrator wrongly treated the tax component as excluded from MGCC and failed to apply clause 14.5.2 correctly, which only denies reimbursement if documents to avail CENVAT are not produced. Because the arbitrator ventured beyond contractual terms and committed patent illegality, the arbitral award was set aside.
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