Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Sections 92 to 92F operate as a self-contained code for arm's length price determination, so RBI or Government approvals for royalty rates do not create any presumption for income-tax purposes. The Court accepted that the assessee's comparability analysis was inadequate and that arm's length pricing required a detailed functional and economic examination, not a bare comparison of royalty percentages. The Tribunal's fixation of royalty at 1% of export sales was treated as a factual finding, with no perversity shown, and the disallowance of excess royalty was upheld. The assessee's acceptance of 1% in later assessment years was only an additional circumstance, not the principal basis of decision, and no substantial question of law arose under Section 260A.
Sections 92 to 92F operate as a self-contained code for arm's length price determination, so RBI or Government approvals for royalty rates do not create any presumption for income-tax purposes. The Court accepted that the assessee's comparability analysis was inadequate and that arm's length pricing required a detailed functional and economic examination, not a bare comparison of royalty percentages. The Tribunal's fixation of royalty at 1% of export sales was treated as a factual finding, with no perversity shown, and the disallowance of excess royalty was upheld. The assessee's acceptance of 1% in later assessment years was only an additional circumstance, not the principal basis of decision, and no substantial question of law arose under Section 260A.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
