Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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Reopening of assessment - validity of notice issued u/s 148-A - seven days clear notice issued or not? - the authority is only required to form a prima facie opinion of any income having escaped assessment and thereafter proceed under Section 148 of the Income Tax Act. The concept of “free play in the joints” should be made available to the authority which is empowered to take a decision under Section 148-A of Income Tax Act. The decision under Section 148-A of the Income Tax perse does not fasten any kind of liability or penalty upon the assessee. - HC
Reopening of assessment - validity of notice issued u/s 148-A - seven days clear notice issued or not? - the authority is only required to form a prima facie opinion of any income having escaped assessment and thereafter proceed under Section 148 of the Income Tax Act. The concept of “free play in the joints” should be made available to the authority which is empowered to take a decision under Section 148-A of Income Tax Act. The decision under Section 148-A of the Income Tax perse does not fasten any kind of liability or penalty upon the assessee. - HC
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