Sec. 92C – TP – Where assessee had 100 % imported traded goods which resulted in higher customs duty than comparables, suitable adjustments on account of customs duty should be made to iron out differences of Profit between profit of assessee company and comparables.
Deputy Commissioner of Income-tax v. India Kawasaki Motors (P.) Ltd. – [2022] 141 taxmann.com 22 (Pune-Trib.).
CBDT notifies Forms No. 1 & A to be furnished by person claiming COVID-19 tax exemptions.
Notification No. 91/2022, dated 05-08-2022.
CBDT notifies list of documents to be submitted by employee to claim exemption on sum received for COVID-19 treatment.
Notification No. 90/2022, dated 05-08-2022.
Transfer of assessment is invalid where assessee is not given personal hearing before transfer.
Muruliwala Agrotech Pvt. Ltd. v. UOI, 2022-TIOL-1079-HC-RAJ-IT.
Not striking of irrelevant matter in notice can vitiate penalty proceedings.
Mukund Trikamlal Parmar Vs. ITO, 2022-TIOL-855-ITAT-MUM.
Sec. 92C – Transfer Pricing – Where TPO made upward ALP adjustment on account of AMP expenses incurred by assessee, since no adjustments were made on account of such AMP expenses during earlier assessment years 2009-10 to 2015-16 even though assessee had some business model and facts and circumstances of matter were also similar, in view of rate of consistency, impugned adjustment was to be deleted during year as well.
Amway India Enterprises (P.) Ltd. v. Additional National E-Assessment Centre, New Delhi – [2022] 140 taxmann.com 446 (Delhi-Trib.).