Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Valuation by check-post authorities under Sections 129/130 cannot determine tax liability; such valuation is reserved to the jurisdictional Assessing Authority, and interception/confiscation proceedings at transit check posts must refer valuation disputes to that authority, resulting here in refusal to uphold valuation-based seizures. Non-compliance with Rule 138C's contemporaneous online inspection report (Form A) requirement vitiated the detention/confiscation basis and warranted interlocutory release of goods and detained vehicles. Sampling must be redone: samples drawn in triplicate, sealed and countersigned with petitioners or representatives, with one part forwarded to the jurisdictional Assessing Officer who may proceed with assessment.
Valuation by check-post authorities under Sections 129/130 cannot determine tax liability; such valuation is reserved to the jurisdictional Assessing Authority, and interception/confiscation proceedings at transit check posts must refer valuation disputes to that authority, resulting here in refusal to uphold valuation-based seizures. Non-compliance with Rule 138C's contemporaneous online inspection report (Form A) requirement vitiated the detention/confiscation basis and warranted interlocutory release of goods and detained vehicles. Sampling must be redone: samples drawn in triplicate, sealed and countersigned with petitioners or representatives, with one part forwarded to the jurisdictional Assessing Officer who may proceed with assessment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
