Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Levy of penalty u/s 271B - Sufficient / reasonable cause for the delay in filing the tax audit report. - The appellant argued that the delay was due to the late receipt of the audit report from the Joint Registrar. The ITAT, after examining the facts and circumstances, found that the appellant had demonstrated a reasonable cause for the delay, and the penalty imposed by the Revenue was unjustified. As a result, the tribunal allowed the appellant's appeal and directed the deletion of the penalty.
Levy of penalty u/s 271B - Sufficient / reasonable cause for the delay in filing the tax audit report. - The appellant argued that the delay was due to the late receipt of the audit report from the Joint Registrar. The ITAT, after examining the facts and circumstances, found that the appellant had demonstrated a reasonable cause for the delay, and the penalty imposed by the Revenue was unjustified. As a result, the tribunal allowed the appellant's appeal and directed the deletion of the penalty.
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