TAX PICKINGS (POWERS OF ITAT UNDER SECTION 254 OF THE IT ACT)

 The powers of the ITAT under Section 254 of the IT Act are very limited and akin to power under O XLVII Rule 1 of the Code of Civil Procedure, 1908. Power confined to only rectify/correct any mistake apparent from the record.

- CIT vs Reliance Telecom Limited, [2022] 440 ITR 1 (SC)

Comments

Post a Comment

Popular posts from this blog

TAX PICKINGS (PSUs AS COMPARABLES WHEN APPLYING CUP METHOD OF TRANSFER PRICING)

The Comparable Uncontrolled Price (CUP) method is one of the five main transfer pricing methods. It’s used to ensure transactions between related companies are comparable in price to those conducted with unrelated organizations. It has been consistently held by the ITATs across the country that government companies/PSUs could not be considered to be a comparable for the reason that the contracts between public sector undertakings are not driven by profit motive along but other considerations also weigh in such as discharge of social obligations etc. The view has also been upheld by the Hon'ble High Court of Bombay in CIT v. Thyssen Krupp Industries India Pvt. Ltd. [2016] 385 ITR 612( Bom) ; [2016] 68 taxmann.com 248 (Bom).
Read more

PART-IV THE ARREST SERIES (WITH FOCUS ON THE CODE OF CRIMINAL PROCEDURE, 1973)

This multi-part blogpost series is aimed at illuminating the most essential aspects of the police’s power to arrest any person. After discussing the circumstances where the police is empowered to arrest a person without warrant in the first and second posts, and who can arrest in the third post , this is the fourth post of this series. In this post, I intend to discuss the pre-arrest procedure and the procedure meant to be followed by the Police at the time of the arrest (The procedure to be followed post-arrest shall be the subject matter of the s ixth post of this series).
Read more