Home Highlights June 2013 Year 2013 This

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1. Reopening of assessment u/s 147 - TP Adjustment - The impugned order is not a suo-motu proceedings initiated by the Transfer Pricing Officer under Sub-Section 2B of...

2. Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

3. Reopening of assessment u/s 147 - power to review v/s power to reassess - Only material relied upon by the assessing officer, in this case, is the material supplied by...

4. Reopening of assessment u/s 147 - reason to believe - Assessing Officer has no power to review; he has the power to re-assess. But re-assessment has to be based on...

5. Validity of assessment order - Since, the levy of tax under the Act on the sale of goods during the course of import was an error apparent on the face of the record, the...

6. TP Adjustment - unauthorized reference to TPO u/s 92CA(3) - It has been demonstrated in the instant case that the threshold monetary limit of Rs.5 crore was not...

7. Rectification of mistake u/s 154 - Disallowance of provision for ex-gratia - CIT(A) has provided an opportunity to the assessing officer to examine the mistake committed...

8. Addition under the head “Capital Gains” - Fair Market Value of the salable area - The method adopted by the Assessing Officer to compute Fair Market Value of salable...

9. Upward TP adjustment on account of corporate guarantee - There has to be a proper determination as to whether there is prohibition of the imported goods. This exercise...

10. Revision u/s 263 - AO ought to have made mandatory reference to the “TPO” for determining arm’s length price - Since the Finance Act, 2017 omitted sec. 92BA(i) from...

11. Issuance of SCN by proper officer - incompetent authority of Jurisdictional Officer or not - it is unambiguous that the Board appointed the Commissioner of Central...

12. TP - Arm's length price - CBDT instruction does not restrict the powers of the AO from making references to the Transfer Pricing Officer after 30th June 2003

13. Revision u/s 263 - bogus purchase - proof of nexus between the purchases and sales - once submission/reply filed by the assessee, pursuant to enquiry by the Assessing...

14. Penalty levied u/s 271(1)(b) - assessee had failed to provide full submissions - penalty levied by the Assessing Officer u/s 271(1)(b) of the IT Act deserves to be...

15. Jurisdiction of DRI to issue Show Cause Notice (SCN) - Proper Officer - If it was intended that officers of the Directorate of Revenue Intelligence who are officers of...