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...
Once GST was reduced, the seller remained under a statutory duty to pass on the benefit through commensurate price reduction, and regulated cinema ticket pricing did not displace scrutiny under anti-profiteering law. The Tribunal rejected reliance on Telangana cinema licensing orders and found no equitable relief because material facts had not been fully disclosed and the earlier High Court conditions were not shown to have been satisfied. It accepted the DGAP methodology, held that the base price should have been maintained after the tax cut, and found profiteering established. Interest was made recoverable only prospectively from 28.06.2019, while penalty was held inapplicable because the penalty provision came into force later.
Once GST was reduced, the seller remained under a statutory duty to pass on the benefit through commensurate price reduction, and regulated cinema ticket pricing did not displace scrutiny under anti-profiteering law. The Tribunal rejected reliance on Telangana cinema licensing orders and found no equitable relief because material facts had not been fully disclosed and the earlier High Court conditions were not shown to have been satisfied. It accepted the DGAP methodology, held that the base price should have been maintained after the tax cut, and found profiteering established. Interest was made recoverable only prospectively from 28.06.2019, while penalty was held inapplicable because the penalty provision came into force later.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
