Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
In transfer pricing under TNMM, functionally dissimilar companies and those failing accepted filters cannot be retained as comparables merely because they were initially selected by the assessee. Larsen & Toubro Infotech Ltd., Manipal Digital Systems Pvt. Ltd., E-Care India Pvt. Ltd. and Ultramarine & Pigments Ltd. were directed to be excluded from the final comparable set for the back-office support services segment. The Tribunal also construed section 144C(13) as requiring the final assessment to be completed within one month from the end of the month in which DRP directions are received; because the order was passed after that period, it treated the assessment as time-barred, invalid and quashed it.
In transfer pricing under TNMM, functionally dissimilar companies and those failing accepted filters cannot be retained as comparables merely because they were initially selected by the assessee. Larsen & Toubro Infotech Ltd., Manipal Digital Systems Pvt. Ltd., E-Care India Pvt. Ltd. and Ultramarine & Pigments Ltd. were directed to be excluded from the final comparable set for the back-office support services segment. The Tribunal also construed section 144C(13) as requiring the final assessment to be completed within one month from the end of the month in which DRP directions are received; because the order was passed after that period, it treated the assessment as time-barred, invalid and quashed it.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
