Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Internal TNMM supports deletion of freight-forwarding adjustments where comparable non-AE transactions are separately identifiable and materially simi...
Cash advances received towards the transfer of immovable property constitute specified sums and must comply with the prescribed mode of receipt, even where they are not final sale consideration. Penalty for a cash receipt may nevertheless be avoided where reasonable cause is established under section 273B. A genuine and completed property transaction, confirmations from concerned parties, outstanding housing-loan liability, financial exigency necessitating the sale, and absence of evidence of fictitious dealings or introduction of undisclosed money may collectively demonstrate bona fide reasonable cause. On these facts, the penalty under section 271D was deleted despite the technical contravention.
Cash advances received towards the transfer of immovable property constitute specified sums and must comply with the prescribed mode of receipt, even where they are not final sale consideration. Penalty for a cash receipt may nevertheless be avoided where reasonable cause is established under section 273B. A genuine and completed property transaction, confirmations from concerned parties, outstanding housing-loan liability, financial exigency necessitating the sale, and absence of evidence of fictitious dealings or introduction of undisclosed money may collectively demonstrate bona fide reasonable cause. On these facts, the penalty under section 271D was deleted despite the technical contravention.
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TaxTMI 
TaxTMI 
