Revision u/s 263 - it is correctly held by CIT that the TPO has ...

Transfer Pricing Order Revised: Lack of Inquiries on Export/Import Transactions Deemed Harmful to Revenue Interests.

December 11, 2023

Case Laws Income Tax AT

Revision u/s 263 - it is correctly held by CIT that the TPO has passed the order without taking any cognizance of making any inquiries with respect to transaction of export and import. Therefore, such an order is erroneous and prejudicial to the interest of revenue. - AT

View Source

← Previous Next →

Revision u/s 263 - it is correctly held by CIT that the TPO has ...

Transfer Pricing Order Revised: Lack of Inquiries on Export/Import Transactions Deemed Harmful to Revenue Interests.

December 11, 2023

Case Laws Income Tax AT

You may also like:

TP Adjustment - The manufacturing agreement in an unambiguous manner has restricted the assessee to manufacture for Sandoz and its affiliates. Since the import and...

Adjudication of a customs duty dispute involving the import of cars and the determination of the 'transaction value' u/s 14 of the Customs Act, 1962. The key points are:...

Section 263 revision - derivative transactions losses - inadequate inquiry by Assessing Officer (AO). Commissioner of Income Tax (CIT) set aside AO's order for...

The Appellate Tribunal examined the issue of invoking revisional jurisdiction u/s 263 in a case involving receipts of accommodation entries and reopening of assessment....

Violation of import conditions - Import against ‘advance authorization’ as per the export promotion scheme - even if utilised by a job-worker for conversion, transfer of...

Demand duty - Allegation of import Portland Pozzolana Cement without payment of customs duty - No evidence for actual import of the goods - The CESTAT held that the...

DGFT introduced new provisions in Chapter 4 of Handbook of Procedures 2023 establishing the Diamond Imprest Authorization (DIA) scheme. The scheme permits import and...

CESTAT Mumbai held that confiscation of imported goods and imposition of penalty u/s 112(a) of Customs Act for forged Special Import Licenses lacked clear evidence...

Demand of Differential Duty - Inclusion of value of deemed export in the value of DTA clearance of goods - wrongful determination of assessable value of finished goods -...

Export of frozen sheep meat contravening ITC(HS) regulations - Determination of prohibited goods status - Recovery of duty drawback with interest and penalty....

The loss arising on cancellation of foreign currency forward contracts cannot be treated as speculative loss u/s 43(5) - It is not required by the assessee to establish...

This trade notice clarifies the procedure for import/re-import of "Exhibits and Samples" for demo, display, exhibition, and participation in fairs or events in India or...

Transfer pricing adjustments, selection of the most appropriate method (MAM), benchmarking approach (aggregation or segregation), factual rendering of services, arm's...

Refund claim - deemed exports - assessee claims that the supplies from DTA to SEZ unit is a deemed export and as good as physical exports - refund allowed - AT

Transaction value - Valuation (Customs) - Special or abnormal discount to the related buyers which were in excess of 3% discount - The Appellate Tribunal observed that...

Quick Updates: