Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Disallowance on account of extraordinary items written off - It is not in dispute that the assessee had indeed written off the said abandoned project expenditure in its books during the year and had reflected the same as ‘Extra-Ordinary Items Written Off’. Since this issue does not arise on a regular basis to the assessee, we find that the assessee had rightly shown this as ‘Extra Ordinary Items’ in accordance with Accounting Standard 5 issued by ICAI in its profit and loss account as a separate line item - Claim allowed - AT
Disallowance on account of extraordinary items written off - It is not in dispute that the assessee had indeed written off the said abandoned project expenditure in its books during the year and had reflected the same as ‘Extra-Ordinary Items Written Off’. Since this issue does not arise on a regular basis to the assessee, we find that the assessee had rightly shown this as ‘Extra Ordinary Items’ in accordance with Accounting Standard 5 issued by ICAI in its profit and loss account as a separate line item - Claim allowed - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
