Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
A company remains a separate juristic entity from its shareholders, and share ownership does not itself confer ownership of the company's assets or income. On the facts, the shareholders had invested through permitted banking channels, while the company borrowed funds, acquired the properties, earned rental income and realised capital gains on sale. The Revenue could not, in the absence of statutory authority, assess the company's rental income, capital gains and other income in the hands of the shareholders by invoking substance over form or piercing the corporate veil. Fiscal liability must rest on the statute, and the Tribunal's view was affirmed; the additions were held unsustainable and the Revenue's appeals were dismissed.
A company remains a separate juristic entity from its shareholders, and share ownership does not itself confer ownership of the company's assets or income. On the facts, the shareholders had invested through permitted banking channels, while the company borrowed funds, acquired the properties, earned rental income and realised capital gains on sale. The Revenue could not, in the absence of statutory authority, assess the company's rental income, capital gains and other income in the hands of the shareholders by invoking substance over form or piercing the corporate veil. Fiscal liability must rest on the statute, and the Tribunal's view was affirmed; the additions were held unsustainable and the Revenue's appeals were dismissed.
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