Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
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.
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