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...
The article addresses whether aircraft imported under the conditional exemption permitting non-scheduled passenger services may be used for non-scheduled charter services; applying the larger-bench precedent, it concludes such use does not breach the exemption condition and therefore denial of exemption, demand of duty, confiscation and penalties were unjustified and set aside. The operative legal point is that permitted non-scheduled passenger operation encompasses non-scheduled charter operation for purposes of the conditional relief, removing the basis for fiscal consequences previously imposed.
The article addresses whether aircraft imported under the conditional exemption permitting non-scheduled passenger services may be used for non-scheduled charter services; applying the larger-bench precedent, it concludes such use does not breach the exemption condition and therefore denial of exemption, demand of duty, confiscation and penalties were unjustified and set aside. The operative legal point is that permitted non-scheduled passenger operation encompasses non-scheduled charter operation for purposes of the conditional relief, removing the basis for fiscal consequences previously imposed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
