TaxTMI 
TaxTMI 
2025 (5) TMI 1577
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....oss of Rs. (-)16,09,639/- on 30.11.2013. The return of income filed by the assessee was selected for scrutiny and statutory notices u/s 143(2) and 142(1) were issued to the assessee. Since, international transactions were involved in this case, a reference was made to the Transfer Pricing Officer (in short 'TPO') on 04.02.2016. The TPO after making certain adjustments, passed the order. Thereafter, the assessee filed its objection before the learned Dispute Resolution Panel (in short 'DRP') and assailed the draft assessment order passed by the Assessing Officer. The ld. DRP could not find any force in the submission of the assessee and dismissed the objections of the assessee. However, the ld. DRP allowed 50% depreciation with respect t....
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....no action u/s 147 or 263 has ever been taken by the Revenue. The same arguments were raised for FTS also. 4. The ld. Ld. DR relied upon the orders of the authorities below and contended that each year is a separate year and principle of res-judicata are not applicable to the tax proceedings. 5. We have heard the rival submissions and perused the materials available on record. It is true that principle of res-judicata is not applicable to the tax proceedings. However, it is equally true that there has to be consistent in the approach of the Revenue. We observe that similar type of payments of royalty and FTS have been made by the assessee in previous year, assessment of which year has been completed u/s 143(3) of the Act. When the Bench ra....
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..... Certainty is integral to rule of law. Certainty and stability form the basis foundation of any fiscal laws. Highlighting this fact in Vodafone International Holding B.V. Vs. Union of India, (2012) 341 ITR 0001, the Supreme Court has observed that foreign direct investment flows towards a location with a strong governance infrastructure which includes enforcement of laws and how well the legal system work. There should be consistency and uniformity in interpretation of provisions as uncertainties can disable and harm governance of tax laws. Authority should follow their earlier view, unless there are strong grounds and reasons to take a contrary view, but in the present case there is no compelling justification and reason to override and d....