Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Foreign currency remittances were not taxable merely because they were made in foreign currency: the Tribunal held that reverse charge applies only where there is an import of service, so payments linked to import of goods, unidentified transactions, and currency fluctuation entries could not be taxed absent proof of taxable service. Services for events, exhibitions, accommodation and related reimbursements incurred and consumed outside India were outside the taxable territory and not liable to service tax. Reimbursements and year-end accrual entries later reversed were also not taxable for the period involved. The Tribunal further held the dispute was revenue neutral and the extended limitation period was not invocable, so the demand, interest and penalties were set aside.
Foreign currency remittances were not taxable merely because they were made in foreign currency: the Tribunal held that reverse charge applies only where there is an import of service, so payments linked to import of goods, unidentified transactions, and currency fluctuation entries could not be taxed absent proof of taxable service. Services for events, exhibitions, accommodation and related reimbursements incurred and consumed outside India were outside the taxable territory and not liable to service tax. Reimbursements and year-end accrual entries later reversed were also not taxable for the period involved. The Tribunal further held the dispute was revenue neutral and the extended limitation period was not invocable, so the demand, interest and penalties were set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
