Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
For futures and options transactions, turnover for tax-audit purposes is computed under the ICAI Guidance Note by aggregating favourable and unfavourable differences, option-sale premiums, and differences from reverse trades, while treating each purchase-and-sale transaction independently. Applying that method, the assessee's derivatives turnover remained below the threshold for compulsory audit under section 44AB. Consequently, penalty for failure to furnish a tax audit report under section 271B was deleted.
For futures and options transactions, turnover for tax-audit purposes is computed under the ICAI Guidance Note by aggregating favourable and unfavourable differences, option-sale premiums, and differences from reverse trades, while treating each purchase-and-sale transaction independently. Applying that method, the assessee's derivatives turnover remained below the threshold for compulsory audit under section 44AB. Consequently, penalty for failure to furnish a tax audit report under section 271B was deleted.
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