Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
A reassessment notice issued beyond three years from the end of the relevant assessment year was held invalid because approval was taken from the wrong authority under section 151, so the reassessment for AY 2017-18 was quashed. Additions for alleged unexplained money, accommodation entries, commission, and suppressed gross profit were deleted because the Revenue relied on assumptions and dumb documents, while the assessee produced invoices, ledgers, stock records, GST material, and bank evidence and no corroborative material showed receipt of unaccounted cash. The Tribunal also held that valuation of unquoted shares under the assessee's chosen DCF method could not be replaced by the Assessing Officer's preferred method. For AY 2023-24, one cash issue was remanded for reconciliation, and on alleged unrecorded cash sales only the profit element was directed to be taxed.
A reassessment notice issued beyond three years from the end of the relevant assessment year was held invalid because approval was taken from the wrong authority under section 151, so the reassessment for AY 2017-18 was quashed. Additions for alleged unexplained money, accommodation entries, commission, and suppressed gross profit were deleted because the Revenue relied on assumptions and dumb documents, while the assessee produced invoices, ledgers, stock records, GST material, and bank evidence and no corroborative material showed receipt of unaccounted cash. The Tribunal also held that valuation of unquoted shares under the assessee's chosen DCF method could not be replaced by the Assessing Officer's preferred method. For AY 2023-24, one cash issue was remanded for reconciliation, and on alleged unrecorded cash sales only the profit element was directed to be taxed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
