Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
The ITAT treated the alleged double addition in income computation, including the set-off of brought forward losses and unabsorbed depreciation, as a connected computational error and remitted the matter for fresh adjudication after hearing the assessee. It also found the transfer pricing adjustment unsustainable because the retained comparables were functionally and product-wise dissimilar to the assessee's manufacturing activity, and held that the assessee's proposed comparables and depreciation policies had to be considered. The transfer pricing issue was likewise set aside and restored to the AO for reconsideration in accordance with law. The appeal was thus allowed for statistical purposes.
The ITAT treated the alleged double addition in income computation, including the set-off of brought forward losses and unabsorbed depreciation, as a connected computational error and remitted the matter for fresh adjudication after hearing the assessee. It also found the transfer pricing adjustment unsustainable because the retained comparables were functionally and product-wise dissimilar to the assessee's manufacturing activity, and held that the assessee's proposed comparables and depreciation policies had to be considered. The transfer pricing issue was likewise set aside and restored to the AO for reconsideration in accordance with law. The appeal was thus allowed for statistical purposes.
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