Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
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Exemption u/s 11 / 10(23C) - delayed submission of Form 10B - The High court upheld the decision of the ITAT, which agreed with the CIT (Appeals) that furnishing an audit report in Form No. 10B along with the return of income is a procedural requirement. The court differentiated this case from the Supreme Court's decision in M/s. Wipro Ltd, stating that the circumstances of the present case involve Section 11 read with Section 12A(1)(b) of the Act, which is distinct from the conditions un/s 10B(8) discussed in Wipro's case.
Exemption u/s 11 / 10(23C) - delayed submission of Form 10B - The High court upheld the decision of the ITAT, which agreed with the CIT (Appeals) that furnishing an audit report in Form No. 10B along with the return of income is a procedural requirement. The court differentiated this case from the Supreme Court's decision in M/s. Wipro Ltd, stating that the circumstances of the present case involve Section 11 read with Section 12A(1)(b) of the Act, which is distinct from the conditions un/s 10B(8) discussed in Wipro's case.
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