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...
ITAT held that an addition for alleged under-valuation of export sales could not stand where the exports were not shown to be non-genuine and no evidence existed of any undisclosed consideration over and above the declared sale value. A valuation based only on copies of bills, without physical inspection of the exported goods, was treated as a merely estimated and notional exercise, especially when customs authorities had already verified the exports without objection to declared value. The Tribunal also noted that the variation fell within the tolerance range referred to before it. The deletion of the addition was therefore affirmed and the Revenue's challenge failed.
ITAT held that an addition for alleged under-valuation of export sales could not stand where the exports were not shown to be non-genuine and no evidence existed of any undisclosed consideration over and above the declared sale value. A valuation based only on copies of bills, without physical inspection of the exported goods, was treated as a merely estimated and notional exercise, especially when customs authorities had already verified the exports without objection to declared value. The Tribunal also noted that the variation fell within the tolerance range referred to before it. The deletion of the addition was therefore affirmed and the Revenue's challenge failed.
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