AAR cannot be applied for Transaction already pending before Tax Authorities

Brief:

The Assessee filed application with AAR for for determination of the question regarding taxability of its profits arising from offshore sales. The AAR rejected the applications as notice Section 143(2)/ 142(1)  were already issued prior to the filing of the application before the AAR, the transaction in respect of which the ruling of the AAR was sought was filed before the date of the application.

Thus Delhi High Court stated:

• AY 2008-09 & 2009-10 No

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