Facts of the Case Date Events 30.10.2018 The TPO passed proposing adjustment of Rs 11.92 crores 03.12.2018 Draft Assessment order was passed by the AO 14.12.2018 The Assessee filed a Letter before the AO he it in the process of filing objections before DRP and requested the AO not to pass the final assessment order. […]
PRECEDENT VALUE OF NON-JURISDICTIONAL HC RULING
In the case of Luxora Infrastructure Pvt Ltd [TS-842-ITAT-2022(Mum)], the ITAT explains that “Unlike the decisions of the Hon’ble jurisdictional High Court, which bind us in letter and in spirit on account of the binding force of law, the decisions of the Hon’ble non-jurisdictional High Court are followed by the lower authorities, only in the […]
Very apt observations of Tribunal on selection of MAM
Fortune Infotech Ltd. v ACIT [2016] 66 taxmann.com 92 (Ahmedabad – Trib.) The Tribunal observed that “A method selected for benchmarking must be a permissible method to be included in the consideration zone, but even it’s presence in the consideration zone is not good enough to justify its application for benchmarking the international transactions on […]
Powers of Tribunal
Hon’ble Guwahati High Court in the case of Jeypore Timber & Veneer Mills (P.) Ltd. v. CIT [(1982) 137 ITR 415 (Gau)] as follows: “Parliament in its wisdom has conferred upon the Tribunal broad and sweeping powers but at the same time controlled the powers by requisite constriction. The provision of section 254 of the […]