Transfer pricing comparables and operating income principles applied to software development services, with exclusions, inclusions, and tax credit ver...
Transfer pricing on performance guarantees and overdue receivables deleted where warranty obligations were embedded and working capital adjustment alr...
Under the second proviso to Section 25-A(1), a rectification application received by the Assessing Authority and not rejected within sixty days is deemed allowed by legal fiction, and the later rectification order cannot override that statutory effect. The High Court held that the assessee's application received on 22.01.2010 stood allowed on expiry of sixty days, rendering the subsequent rectification and all consequential revisional, fresh assessment, refund and appellate proceedings without jurisdiction. On refund interest, the Court held that the right under Section 13-A accrued after expiry of ninety days from the deemed rectification date, and the assessee was entitled to interest at 6% per annum for the determined delay period.
Under the second proviso to Section 25-A(1), a rectification application received by the Assessing Authority and not rejected within sixty days is deemed allowed by legal fiction, and the later rectification order cannot override that statutory effect. The High Court held that the assessee's application received on 22.01.2010 stood allowed on expiry of sixty days, rendering the subsequent rectification and all consequential revisional, fresh assessment, refund and appellate proceedings without jurisdiction. On refund interest, the Court held that the right under Section 13-A accrued after expiry of ninety days from the deemed rectification date, and the assessee was entitled to interest at 6% per annum for the determined delay period.
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