Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Additional evidence bearing directly on the transfer pricing adjustment for interest on a loan to an associated enterprise was admitted, including the independent auditor's report, the RBI correspondence and order, and a Hamburg District Court liquidation order. As the subsidiary was stated to be incurring persistent losses and under liquidation, the existing 6% interest adjustment was held unsustainable without examining these materials. The matter was remitted to the Assessing Officer for fresh adjudication in accordance with law after giving the assessee an opportunity of hearing, and no final ruling on the merits of the adjustment was made.
Additional evidence bearing directly on the transfer pricing adjustment for interest on a loan to an associated enterprise was admitted, including the independent auditor's report, the RBI correspondence and order, and a Hamburg District Court liquidation order. As the subsidiary was stated to be incurring persistent losses and under liquidation, the existing 6% interest adjustment was held unsustainable without examining these materials. The matter was remitted to the Assessing Officer for fresh adjudication in accordance with law after giving the assessee an opportunity of hearing, and no final ruling on the merits of the adjustment was made.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
