Home Highlights August 2015 Year 2015 This

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1. Best judgement assessment - There appears to be divergents views insofar as the question as to whether the consumption of electricity can constitute the sole basis for...

2. Valuation of imported goods - Related person - Merely because there were transfer of funds in India amongst three importers will not make them related persons in terms...

3. TP Adjustment - valuation of Arms Length Price (ALP) - No Arm's Length Price is required to be determined for a transaction with specified persons in section 40A(2)(b)...

4. Principles of natural justice - best judgement assessment done by ex-parte order - The Assessing Authority is bound to act in a rational manner while resorting to best...

5. Section 28A of the Haryana General Sales Tax Act, 1973 dispenses with the requirement of a second notice and opportunity of personal hearing before proceeding with best...

6. Valuation of imported goods - inter-se relation having any influence on the transaction value of imports, or not - If the price declared was at arm’s length, then...

7. Best judgement assessment u/s 144 - CIT(A) wrongly substituted the best judgement of the AO with his own judgement contrary to the provisions of section 144 of the Act

8. Imposition of penalty u/s 271G - failure to furnish information or documents in respect of segmental amount relating to transaction made with AEs and non-AEs for...

9. Scrutiny by the High Court in an appeal u/s 260A for Determination of the arm’s length price made by the Tribunal - When the determination of the arm’s length price is...

10. Excise – sale through related parties, valuation provisions applicable – tribunal order reversed by SC

11. Taxability of software sale by the US entity to Indian entities - Indian subsidiary is held as DAPE [Dependent Agent Permanent Establishment] of the assessee in India -...

12. Best judgement assessment - formulae for levying the purchase tax on the ground that separate accounts are absent - There was absolutely no necessity or need for making...

13. The case pertains to the levy of penalty u/s 271G for failure to furnish documents and information u/ss 92CA/92D. The key points are: The Transfer Pricing Officer (TPO)...

14. Nature of assessment - best judgment assessment or not - the entries in the books of account varying with returns filed are relied upon and then the assessment has been...

15. Role of AO as adjudicator in making the computation - Assessment made u/s 147 r.w.s. 144 and 144B - It is clear that the Parliament intended the AO to be both...