Transfer pricing comparables must reflect functional similarity, with diverse activities and asset profiles supporting exclusion from contract service...
Real income in electricity distribution excludes surcharges and regulatory assets without reasonably certain recovery, while deductions require return...
Contempt for company bank account restraint breaches requires deliberate disobedience, while contempt appeals are limited to orders imposing punishmen...
Summary assessment based on inspection findings was set aside because the petitioner produced additional material, including e-way bill particulars and ledger extracts, that could explain the alleged discrepancies and support genuineness of the transactions and input tax credit claim. The matter was remitted for fresh consideration, with the authority directed to examine whether the documents established actual supplies and eligibility for input tax credit. Since the registration cancellation was intertwined with the assessment, it was also set aside and registration was ordered to be restored, subject to further lawful orders after reconsideration of the material produced.
Summary assessment based on inspection findings was set aside because the petitioner produced additional material, including e-way bill particulars and ledger extracts, that could explain the alleged discrepancies and support genuineness of the transactions and input tax credit claim. The matter was remitted for fresh consideration, with the authority directed to examine whether the documents established actual supplies and eligibility for input tax credit. Since the registration cancellation was intertwined with the assessment, it was also set aside and registration was ordered to be restored, subject to further lawful orders after reconsideration of the material produced.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4949 
Get Daily Updates 
